Qualcomm Inc. on Thursday said it would launch an accelerated
share-repurchase program for $5 billion in stock with two financial
institutions.
The move is part of the semiconductor's plan, which was unveiled
in March, for a new $15 billion buyback program. It said at the
time that it intended to repurchase $10 billion of stock within 12
months.
"We are pleased to initiate this accelerated share repurchase as
we continue to execute on our enhanced capital return program,"
said Chief Executive Steve Mollenkopf. "These repurchases represent
a significant step toward meeting our goal of repurchasing $10
billion of common stock by March 2016," Mr. Mollenkopf said.
The initial delivery will be 57.7 million shares, the company
said. Qualcomm said it is funding the repurchase with proceeds from
its recently completed $10 billion debt offering.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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