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Qualcomm approves $10B stock repurchase authorization

Qualcomm Inc. said May 9 that it approved a new stock repurchase authorization worth $10 billion.

The new stock repurchase authorization, which has no expiration date, replaces the $15 billion stock repurchase program announced March 15, which had $1.2 billion of repurchase authority remaining.

The semiconductor and telecommunications equipment company said that the timing of repurchases and the number of shares to be repurchased will depend upon prevailing market conditions and other factors.

CEO Steve Mollenkopf said that since Qualcomm began its capital return programs in 2003, the company has returned more than $60 billion to stockholders through a combination of stock repurchases and cash dividends.