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Shares of chipmaker Broadcom jumped 4.41 percent in after-hours trade after the company said on Thursday it would buy back up to $12 billion of its common stock.
The company, which last month ended its efforts to acquire rival Qualcomm, said the authorization of the repurchase program is effective immediately and until the end of its 2019 fiscal year on Nov. 3.
"We are maintaining our policy of delivering 50 percent of trailing 12-month free cash flow to shareholders in the form of dividends while adding the ability to use the balance of our free cash flow not only for acquisitions but also for opportunistic buybacks," said Broadcom Chief Financial Officer Tom Krause in a statement.
-Reuters contributed to this report.
Correction: An earlier version of this story misstated the effective date of the share repurchase program. The authorization of the repurchase program is effective immediately and until the end of Broadcom's 2019 fiscal year on Nov. 3.