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)

By Reuters

Published on 13/09/2018 - 12:34•Updated 23/04/2024 - 18:35

Comments

(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.