Uber reports that its Board of Directors has authorized the repurchase of up to $7 billion of the company's common stock.

' Today's authorization of our first-ever share repurchase program is a vote of confidence in the company's strong financial momentum. We will be mindful of the pace of our buyback, starting with shares that partially offset stock-based compensation, and working towards a steady reduction in the number of shares,' said Prashanth Mahendra-Rajah, CFO.

In addition, the company's management team will today present an updated view of the firm's strategy, financial framework and capital allocation plans.

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