RTTNews | Oct 12, 2021 05:39PM EDT

17:38 Tuesday, October 12, 2021 (RTTNews.com) - Qualcomm Inc. (QCOM) Tuesday said its Board of Directors has approved a new $10 billion stock repurchase authorization, effective immediately.

The new stock repurchase authorization is in addition to the company's stock repurchase program announced in July 2018, which has $0.9 billion of repurchase authority remaining.

The new stock repurchase program has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors, the company said.

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