Uber has announced plans to buy back $20bn of its shares, as chief executive Dara Khosrowshahi signalled his confidence the group can continue to deliver growth despite wider concerns about US consumer spending.
The ride-hailing app on Wednesday said it would repurchase the shares, almost triple the $7bn it has announced to date, after its net income rose by a third in the second quarter to $1.4bn compared with a year ago.
It came as Uber gave an upbeat forecast for customer spending for this quarter. The group said gross bookings — a measure of customers’ total spending across all its business units — would be between $48.5bn and $49.8bn, beating analysts’ expectations of $47.5bn.
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