US Qualcomm announces $15bn stock buyback
US chip maker Qualcomm
Washington - QNA
US chip maker Qualcomm will buy back up to 15 billion dollars of its own shares, the company said late Monday.
It had decided on the "major increase" in the company's capital return programme "to deliver value for stockholders," after the stock fell 5 per cent over the past 12 months.
The share price rose 3 per cent when the move was announced after the close of trading.
The board also approved a 14-per-cent increase in its cash dividend, to an annualized 1.92 dollars per share.
"Our business continues to generate substantial operating cash flow, and today's announcement represents an important step in returning that cash to our owners," chief executive Steve Mollenkopf said.
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