Qualcomm rises after new $20 billion stock buyback announcement

Chip company Qualcomm's QCOM.O shares gain 3.1% to $133.33 premarket

QCOM announces a new $20.0 billion stock repurchase plan with no expiration date

Says its board has approved an increase in the quarterly cash dividend to $0.92 from $0.89 per share

The new stock repurchase authorization is in addition to the QCOM's stock repurchase program announced in November 2024, which has about $2.1 billion of repurchase authority remaining

As of last close, stock down ~24% this year