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On the evening of July 31, Beijing time, Sina Technological News, Qualcomm announced today that it has launched a stock repurchase plan of up to $10 billion.
Qualcomm said it would buy back up to $10 billion of the company's stock with a repurchase price of $60 to $67.50 per share through the "modified Holland auction". Yesterday, Qualcomm shares closed at $62.04 per share.
The deadline for stock repurchase is 12 midnight on August 27, 2018, New York time. Qualcomm believes that the stock repurchase is an effective way to repay shareholders. In addition, this is only part of Qualcomm's larger share buyback plan. Qualcomm expects to buy up to $30 billion in stock before the 2019 fiscal year.
Qualcomm had previously said it would abandon the deal if it could not obtain approval from the Ministry of Commerce before July 25. To boost the company's share price, Qualcomm will choose to buy shares from $20 billion to $30 billion. (Li Ming)
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