Uber's stock price increased over 10% on Wednesday morning after the company announced a $7 billion share buyback program. The buyback authorization represents Uber's first-ever repurchase of company shares. Uber CFO Prashanth Mahendra-Rajah called the buyback a "vote of confidence" in the company's strong financial momentum. Uber will use the buyback to partially offset stock-based compensation and consistently reduce its share count over time. The announcement came a week after Uber reported fourth-quarter results that beat estimates, with revenue up in mobility and delivery.