Chipmaker Qualcomm unveils $20 billion stock buyback program

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March 17 : Smartphone chip designer Qualcomm on Tuesday unveiled a $20 billion stock buyback program, in addition to its existing $2.1 billion share repurchase authority.

Shares of the company rose more than 2 per cent in premarket trading.

Qualcomm is also increasing its quarterly cash dividend by over 3 per cent, to 92 cents per share from 89 cents, the company said.

"We remain focused on stockholder returns and executing on our ongoing diversification opportunities," CEO Cristiano Amon said.

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