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Qualcomm targets $16 billion in first phase of share buyback

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By Reuters
Qualcomm targets $16 billion in first phase of share buyback
FILE PHOTO: A view of one of Qualcomm's many buildings in San Diego, California, July 22, 2008. REUTERS/Mike Blake/File Photo   -   Copyright  Mike Blake(Reuters)
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(Reuters) – U.S. chipmaker Qualcomm Inc said on Thursday it would buy back about $16 billion (12.25 billion pounds) of its common stock as part of the previously announced $30 billion stock repurchase plan.

Qualcomm is seeking to compensate investors for the collapse of its $44 billon acquisition of NXP Semiconductors in July due to Chinese opposition.

(Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur)

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