September 13, 2018 / 10:15 AM / in 2 months

Qualcomm targets $16 billion in share buyback

FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo

(Reuters) - U.S. chipmaker Qualcomm Inc said on Thursday it would buy back about $16 billion of its common stock as part of the previously announced $30 billion stock repurchase plan.

Qualcomm is seeking to compensate investors for the collapse of its $44 billon acquisition of NXP Semiconductors in July due to Chinese opposition.

Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur

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