March 17 (Reuters) – Smartphone chip designer Qualcomm on Tuesday unveiled a $20 billion stock buyback program, in addition to its existing $2.1 billion share repurchase authority.
Shares of the company rose more than 2% in premarket trading.
Qualcomm is also increasing its quarterly cash dividend by over 3%, to 92 cents per share from 89 cents, the company said.
“We remain focused on stockholder returns and executing on our ongoing diversification opportunities,” CEO Cristiano Amon said.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Krishna Chandra Eluri)
