Qualcomm has announced that its Board of Directors has approved a new $5 billion stock repurchase program to replace the prior $4.0 billion stock repurchase program, which had $2.5 billion of repurchase authorityremaining.
"In recognition of our strong financial position and continued growth in our business, we are pleased to increase our quarterly cash dividend to a record 35 cents per share and to introduce a new $5.0 billion stock repurchase program," said Dr Paul E Jacobs, chairman and CEO of Qualcomm.
Our business model continues to generate strong operating cash flows that enable us to invest in and execute on our strategic priorities, while also returning capital to stockholders added Jacobs.
Tese programs have began in 2003 and Qualcomm have returned $19.9 billion to stockholders through a combination of stock repurchases and cash dividends.
The new stock repurchase program has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors.
Repurchases under this program will be made using the Company's cash resources and may be commenced or suspended at any time or from time-to-time at the Company's discretion without prior notice.