Qualcomm to Repurchase $4B in StockWednesday, March 7, 2012
Qualcomm Inc. announced a dividend increase, as well as a $4 billion stock repurchase initiative, in conjunction with its annual meeting of shareholders March 6.
The wireless technology company said it was increasing its quarterly dividend by 16 percent to 25 cents per share — or $1 per year.
Chairman and CEO Paul Jacobs reported that Qualcomm had $22 billion in cash, calling the amount “something that makes us sleep better at night.” Cash was being returned to shareholders via the share repurchase program, he told the crowd attending Qualcomm’s annual meeting.
The shareholder meeting also saw co-founder and former chairman and CEO Irwin Jacobs step down from the board.
— Brad Graves