March 4, 2014 / 12:47 PM / 4 years ago

Qualcomm raises share repurchase program by $5 billion

(Reuters) - Qualcomm Inc (QCOM.O), 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

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