Qualcomm Inc (QCOM) backed its previous financial guidance at its annual meeting on Tuesday, raised its dividend and announced a $2 billion stock repurchase plan.
"We're very comfortable with the guidance we gave, and we see strong order flow going into the future," Chief Executive Officer Paul Jacobs told shareholders during a Webcast of the shareholder meeting.
In January, Qualcomm, which is betting on high-speed wireless technology for future growth, forecast current-quarter earnings of 50 cents to 52 cents per share and revenue of $2.4 billion to $2.5 billion.
Board Approves Buyback Plan--The new program will replace the previous $3 billion buyback program, which has about $2 million left available, the company said.
There is no expiration date for the new program. Qualcomm had about 1.6 billion shares outstanding as of Monday.
