Qualcomm targets US$16 billion in share buyback

Qualcomm targets US$16 billion in share buyback

U.S. chipmaker Qualcomm Inc said on Thursday it would buy back about US$16 billion of its common stock as part of the previously announced US$30 billion stock repurchase plan.

FILE PHOTO: FILE PHOTO: Booth of U.S. chipmaker Qualcomm is pictured at an expo in Beijing
FILE PHOTO: FILE PHOTO: A booth of U.S. chipmaker Qualcomm is pictured at an expo in Beijing, China, September 27, 2017. Picture taken September 27, 2017. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT./File Photo/File Photo

REUTERS: U.S. chipmaker Qualcomm Inc said on Thursday it would buy back about US$16 billion of its common stock as part of the previously announced US$30 billion stock repurchase plan.

Qualcomm is seeking to compensate investors for the collapse of its US$44 billon acquisition of NXP Semiconductors in July due to Chinese opposition.

(This version of the story corrects headline to remove reference to 'first phase')

(Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur)

Source: Reuters

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