Qualcomm announced a $15 billion buyback Monday afternoon.
The technology giant said it will purchase $10 billion worth of stock over the next 12 months. Qualcomm will also raise its dividend by 14 percent, it said.
The company has about $31.6 billion in cash. It said it will use both cash on hand and a contemplated debt offering to fund the repurchase.
Qualcomm stock closed Monday at nearly $73—up more than 1.5 percent on the day.
Shares rose about 1.66 percent in after-hours trading as news of the buyback first came out.
The company, which has a market cap of about $119.9 billion, had come under fire recently as it worked to settle a Chinese investigation under the country's anti-monopoly law.
In February, Qualcomm reached an approximately $975 million settlement with China.
—Reporting by CNBC's David Faber.