Uber announced a $20 billion stock buyback program and beat Wall Street estimates for third-quarter bookings, driven by a 60% increase in its $9.99 loyalty program members. The company added half a million users during a week-long event in May, leading to increased profit from loyal users who engage with both services.

Despite an initial dip in premarket trading, Uber’s shares have surged 48% this year, outperforming the S&P 500 index. The company expects gross bookings for the current quarter to be between $48.25 billion and $49.75 billion, surpassing analysts’ estimates of $47.3 billion, fueled by growth in its delivery and mobility units.

Uber’s second-quarter net income rose to 63 cents per share and the company forecasts adjusted core profit for the current quarter to be between $2.19 billion and $2.29 billion, exceeding analysts’ average estimate of $2.22 billion. Uber is focusing on partnerships in the robotaxis sector to drive growth in its mobility segment in the future.

Read more at Yahoo Finance: Uber bets on loyalty program to drive growth, unveils $20 billion buyback plan