Qualcomm (QCOM) Stock Gains on New $10 Billion Stock Buyback Plan

October 12, 2021 4:52 PM EDT

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Qualcomm Incorporated (Nasdaq: QCOM) announced after the close that its Board of Directors has approved a new $10.0 billion stock repurchase authorization, in addition to its July 18 stock repurchase program with a remaining $0.9 billion of repurchase authority.

The new stock repurchase program, which is effective immediately and has no expiration date, will be made using the company's cash resources.

Shares of QCOM gained 1.6% after-hours following the news.

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