March 4 (Bloomberg) -- Qualcomm Inc., the biggest provider of mobile-phone chips, boosted its quarterly dividend by 20 percent to 42 cents a share, while giving itself leeway to buy back an additional $5 billion in shares.
The additional repurchase authorization brings the total to $7.8 billion, San Diego-based Qualcomm said in a statement today. Qualcomm had already bought back $2 billion in shares in fiscal 2014.
Qualcomm is hosting its annual shareholder meeting today as Steve Mollenkopf takes over as chief executive officer, succeeding Paul Jacobs. The company has benefited from booming demand for mobile phones capable of a broad range of computing tasks.
The shares climbed in early trading after slipping 2.2 percent to $73.63 yesterday.
To contact the reporter on this story: Tom Giles in San Francisco at firstname.lastname@example.org
To contact the editor responsible for this story: Tom Giles at email@example.com