Qualcomm sets new $10 billion buyback plan

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(Reuters) – Chipmaker Qualcomm Inc said on Wednesday its board has approved a new $10 billion (7.38 billion pounds) buyback program that replaces the previous $15 billion stock repurchase program announced in March 2015.

The earlier stock repurchase program had $1.2 billion remaining, the company said.

The company’s shares rose 2.5 percent to $54.49 in extended trading.

Reporting by Laharee Chatterjee in Bengaluru

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