Qualcomm raises share repurchase program by $5 billion

Tue Mar 4, 2014 7:46am EST
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(Reuters) - Qualcomm Inc (QCOM.O: Quote), the world's biggest cellphone chip maker, raised its share repurchase authorization by $5 billion to $7.8 billion.

The company also raised its cash dividend by 20 percent to 42 cents per share, effective for quarterly dividends payable after March 26.

Qualcomm said $2.8 billion remained under the previous stock repurchase plan.

The company's shares rose 3 percent in premarket trading on Tuesday. They closed at $73.63 on the Nasdaq on Monday.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila)

Visitors walk past the Qualcomm stand at the Mobile World Congress in Barcelona, February 24, 2014. REUTERS/Albert Gea