Qualcomm Inc.’s board of directors approved a new $5 billion stock repurchase program, replacing an earlier $5 billion stock repurchase plan it had since March.
Since July 24, Qualcomm repurchased $2.7 billion or about 40 million shares of its common stock, the company said.
The company said that it’s adopting another stock repurchase plan in recognition of its strong financial position. Since the programs began in 2003, Qualcomm has returned about $25 billion to its stockholders through a combination of stock repurchases and cash dividends, the company said.
The new stock repurchase program has no expiration date, and the buys will depend on prevailing market conditions and other factors. The funds for the repurchases will come from the company’s cash resources. At the end of June, Qualcomm reported holding $30.5 billion in cash and marketable securities.
— Mike Allen