- Qualcomm plans to buy back $20 billion worth of shares under a new program
- The company will raise its quarterly dividend to 92 cents per share from 89 cents
- Annualized dividend payout will increase to $3.68 per share after March 26
Qualcomm Inc., the largest maker of smartphone processors, plans to buy back another $20 billion worth of shares and is raising its quarterly cash dividend.
The chipmaker's board has approved the new stock repurchase program, which adds to previous buybacks announced in November 2024, according to a company statement. The San Diego, California-based company's quarterly dividend will rise to 92 cents a share from 89 cents after March 26. Its annualized dividend payout will increase to $3.68 a share.
Last month, Qualcomm issued a tepid forecast for revenue, saying a global shortage of memory chips means some of its customers, particularly those in China, will be making fewer handsets. Chief Executive Officer Cristiano Amon has been working to transform the company into a more diversified seller of chips for cars, personal computers and data centers, but the new businesses aren't enough to make up for the shortfall in its main market.
The company's shares were up about 3% in premarket trading on Tuesday.
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