Qualcomm ups dividend, approves up to $4B buyback

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SAN DIEGO (AP) ? Mobile phone chip-maker Qualcomm Inc. says it’s raising its quarterly dividend by 16 percent to 25 cents and has approved up to $4 billion in stock buybacks.

Qualcomm says the moves allow it to return cash to its shareholders without slowing its growth.

The $4 billion stock buyback program replaces the company’s previous $3 billion repurchase plans, which had $948 million left.

The San Diego company says it will pay the higher dividend after March 23. Its quarterly dividend had been 21.5 cents.

In premarket trading Tuesday, Qualcomm shares are up 20 cents to $62.31.