Uber Launches $20 Billion Stock Buyback and Pushes Loyalty Program to Boost Growth

Uber is planning to buy back $20 billion worth of its own shares, showing strong confidence in its future. At the same time, it’s focusing on growing its loyalty program called Uber One, which now has over 36 million members — a 60% increase from last year.

Uber One users pay $9.99 per month and are more loyal, using both rides and delivery services. These members spend more and bring in over three times the profit compared to other users.

To attract more users, Uber held a discount week in May, gaining 500,000 new members.

The company also launched "Price Lock Pass" in several cities, giving fixed fares for regular routes at $2.99 per month, to encourage daily commute use.

Uber expects higher earnings in the coming months and continues to partner with electric and self-driving car companies like Lucid and Nuro.

Despite a small drop in premarket stock price, Uber shares are up 48% this year, making it one of the top performers on the S&P 500.