Qualcomm authorizes a massive $20 billion stock buyback. Shares rebounded Tuesday, rising over 3 percent. This follows a steep year-to-date decline driven by global memory shortages impacting handset manufacturing.
The chip giant raised its quarterly dividend to 92 cents per share. CEO Cristiano Amon emphasizes a strategy focused on stockholder returns and business diversification.
While remaining a top provider for Apple and Android makers, Qualcomm is aggressively pivoting. The company targets growth in data center chips and autonomous vehicle markets to reduce reliance on smartphones.