Qualcomm Unveils New $10 Billion Stock Repurchase Program

Qualcomm unveiled a new plan to buy back $10 billion in stock, replacing an earlier repurchase program that was almost exhausted, according to Bloomberg.

The world’s largest maker of mobile-phone chips said the plan authorized by the board has no expiration date. The previous buyback was a $15 billion program that had $1.2 billion remaining, Qualcomm said in a statement.

Qualcomm is trying to complete its more than $40 billion purchase of Dutch chipmaker NXP before a July 25 deadline imposed by the target company. That deal, which has been held up by Chinese regulators, is part of Qualcomm’s plan to revive sales growth and expand in new markets, such as automotive systems and the internet of things.

In the statement, CEO Steve Mollenkopf reiterated that the company is still executing on the proposed acquisition, which has been pending for more than 18 months. Qualcomm has said that if the transaction falls through, it would use cash reserves for a large share repurchase to return value to shareholders.