Uber Technologies has announced a share buyback plan worth up to US$7 billion ($10.8 billion).

The company is moving to reward shareholders following its first full year of operating profit and sustained positive cash flow in 2023. 

Uber CFO, Prashanth Mahendra-Rajah, says Uber's strong financial performance is letting it take a more thoughtful approach to reducing share count.

The news propelled Uber's stock over 11 per cent higher in New York trading, following its largest gain in a year and a doubling in value over the past 12 months.

This step aligns Uber with tech firms like Meta Platforms and Airbnb, which have also announced major share repurchase initiatives. 

The move shows Uber's recovery from years of high spending and strategic shifts under CEO Dara Khosrowshahi, positioning 2023 as a pivotal year for profitability and growth.

Uber's financial health is further indicated by its inclusion in the S&P 500 Index and the ambition for an investment-grade credit rating. 

Uber reportedly plans to expand further in deliveries and affordable rideshare options.