A Qualcomm sign is pictured at one of its many campus buildings in San Diego. REUTERS/Mike Blake

Qualcomm announced Thursday that its directors approved a $16 billion accelerated stock repurchase agreement as part of a $30 billion stock repurchase program announced in July.

“We remain on track to complete a large majority of the announced program by the end of fiscal 2019,” said CEO Steve Mollenkopf. “The board and the management team remain committed to returning capital to stockholders while we also continue to invest to create longer term stockholder value.”

The company will initially receive around 178 million shares in the aggregate from Bank of America, Citibank and Morgan Stanley & Co., according to Qualcomm. The repurchase will be funded by existing cash resources.

The final number of shares to be delivered will be based on the volume-weighted average price of Qualcomm’s stock during the time of the deal, according to Qualcomm.

The company’s shares were trading up over 3 percent in the $75 range shortly after financial markets opened in New York.

— From Staff and Wire Reports

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.