Uber Technologies, Inc. (NYSE: UBER) today announced 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 thoughtful as it relates to the pace of our buyback, beginning with actions that partially offset stock-based compensation, and working towards a consistent reduction in share count,” said Prashanth Mahendra-Rajah, CFO.

Uber will also host its previously announced virtual Investor Update today at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time), where the company’s executive leadership team will present an updated view of the company’s strategy, financial framework, and capital allocation plans, followed by Q&A. A link for the live webcast and the accompanying materials are now available on Uber’s Investor Relations website at investor.uber.com.