Uber Technologies announced on Wednesday its plan to repurchase up to $7 billion worth of company shares, citing a robust rebound in ride-share services and strong demand in its food delivery segment. Following the announcement, Uber's shares surged over 5% to $72.50 in pre-market trading. Uber's Chief Financial Officer, Prashanth Mahendra-Rajah, expressed confidence in the company's financial trajectory, highlighting the significance of this maiden share repurchase program.

Looking ahead, Uber anticipates mid to high teens percentage growth in gross bookings over the next three years, coupled with a high 30s to 40% expansion in adjusted core profit. Moreover, Uber aims for an annual free cash flow equivalent to 90% or more of adjusted earnings before interest, taxes, depreciation, and amortization. These projections underscore Uber's positive outlook, building on its milestone achievement of posting its first annual net profit in 2023 since going public in 2019.