Uber to drive growth, unveils $20 billion buyback plan

Uber unveiled a $20 billion stock buyback programme and forecast its third-quarter bookings above Wall Street estimates on Wednesday, as the ride-hailing and delivery services company benefits from growing adoption of its paid loyalty programme.

- 

The company said members for its $9.99 “Uber One” programme jumped 60 per cent in June to more than 36 million from a year earlier, and more than one-third of its bookings were coming from them.

These users are crucial for Uber as they engage with both its services, generating more than three times the profit compared to that from users who use just one service.