Qualcomm Inc. said Monday that its directors approved a 12 percent increase in its quarterly cash dividend and a new $3 billion stock buyback program.
The company is increasing its quarterly dividend by 2 cents to 19 cents per common share, effective for dividends payable after March 28. The company also said its new stock buyback program has no expiration date.
Qualcomm, which makes wireless chips and other mobile technology, said it has returned $12.6 billion to shareholders through dividend payments and stock repurchases since 2003.
Shares of the San Diego company lost $1.12, or 3.1 percent, to close at $35.56.
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