SAN DIEGO, Oct. 12, 2021 /PRNewswire/ -- Qualcomm
Incorporated (Nasdaq: QCOM) today announced that its Board of
Directors has approved, effective immediately, a new $10.0 billion stock repurchase
authorization. The new stock repurchase authorization is in
addition to the Company's stock repurchase program announced in
July 2018, which has $0.9 billion of repurchase authority
remaining.
The new stock repurchase program has no expiration date. The
timing of stock repurchases and the number of shares of common
stock to be repurchased will depend upon prevailing market
conditions and other factors. Repurchases under this program
will be made using the Company's cash resources and may be
commenced or suspended from time-to-time at the Company's
discretion without prior notice. Repurchases may be made in
the open market, through 10b5-1 programs, through accelerated share
repurchase programs, in privately negotiated transactions or
through the use of derivative instruments.
About Qualcomm
Qualcomm is the world's leading wireless technology innovator and
the driving force behind the development, launch and expansion of
5G. When we connected the phone to the internet, the mobile
revolution was born. Today, our foundational technologies enable
the mobile ecosystem and are found in every 3G, 4G and 5G
smartphone. We bring the benefits of mobile to new industries,
including automotive, the internet of things and computing, and are
leading the way to a world where everything and everyone can
communicate and interact seamlessly.
Qualcomm Incorporated includes our licensing business, QTL, and
the vast majority of our patent portfolio. Qualcomm Technologies,
Inc., a subsidiary of Qualcomm Incorporated, operates, along with
its subsidiaries, substantially all of our engineering, research
and development functions, and substantially all of our products
and services businesses, including our QCT semiconductor business.
For more information, visit www.qualcomm.com.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains forward-looking
statements that are inherently subject to risks and uncertainties,
including statements regarding the amounts to be repurchased under
our stock repurchase programs, the timing thereof, the types of
transactions through which shares may be repurchased and the
funding sources to be used to effectuate repurchases. Actual
results may differ materially from those referred to in the
forward-looking statements due to a number of important factors,
including but not limited to: the impact of the COVID-19 pandemic,
and government policies and other measures designed to limit its
spread; our customers' and licensees' sales of products and
services based on CDMA, OFDMA and other communications
technologies, including 5G, and our customers' demand for our
products based on these technologies; competition in an environment
of rapid technological change, and our ability to adapt to such
change and compete effectively; our dependence on a small number of
customers and licensees, and particularly from their sale of
premium-tier devices; our customers' vertically integrating; a
significant portion of our business being concentrated in
China, which is exacerbated by
U.S./China trade and national
security tensions; efforts by some OEMs to avoid paying fair and
reasonable royalties for the use of our intellectual property, and
other attacks on our licensing business model, including through
legal proceedings and governmental investigations and proceedings,
and actions of quasi-governmental bodies and standards and industry
organizations; potential changes in our patent licensing practices,
whether due to governmental investigations, legal challenges or
otherwise; the continued and future success of our licensing
programs, which requires us to continue to evolve our patent
portfolio and to renew or renegotiate license agreements that are
expiring; our dependence on a limited number of third-party
suppliers; risks associated with the operation and control of our
manufacturing facilities; our ability to extend our technologies
and products into new and expanded product areas and adjacent
industry segments and applications beyond mobile; our strategic
acquisitions, transactions and investments, and our ability to
consummate strategic acquisitions; security breaches of our
information technology systems, or other misappropriation of our
technology, intellectual property or other proprietary or
confidential information; difficulties in enforcing and protecting
our intellectual property rights; claims by third parties that we
infringe their intellectual property; our use of open source
software; our ability to attract and retain qualified employees;
failures in our products or in the products of our customers or
licensees, including those resulting from security vulnerabilities,
defects or errors; the cyclical nature of the semiconductor
industry, declines in global, regional or local economic
conditions, or our stock price and earnings volatility; our ability
to comply with laws, regulations, policies and standards; our
indebtedness; and potential tax liabilities. These and other risks
are set forth in our Quarterly Report on Form 10-Q for the fiscal
quarter ended June 27, 2021 filed
with the Securities and Exchange Commission (the "SEC"). Our
reports filed with the SEC are available on our website at
www.qualcomm.com. We undertake no obligation to update, or continue
to provide information with respect to, any forward-looking
statement or risk factor, whether as a result of new information,
future events or otherwise.
Qualcomm Contact:
Mauricio Lopez-Hodoyan, Investor Relations
Phone: 1-858-658-4813
Email: ir@qualcomm.com
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SOURCE Qualcomm Incorporated