Qualcomm targets $16 billion in first phase of share buyback

Steve Mollenkopf, chief executive officer of Qualcomm Inc., holds the new Snapdragon 835 chip during a keynote at the 2017 Consumer Electronics Show (CES) in Las Vegas, Nevada.
Patrick T. Fallon | Bloomberg | Getty Images
Steve Mollenkopf, chief executive officer of Qualcomm Inc., holds the new Snapdragon 835 chip during a keynote at the 2017 Consumer Electronics Show (CES) in Las Vegas, Nevada.

U.S. chipmaker Qualcomm said on Thursday it would buy back about $16 billion of its common stock as part of the previously announced $30 billion stock repurchase plan.

Qualcomm is seeking to compensate investors for the collapse of its $44 billon acquisition of NXP Semiconductors in July due to Chinese opposition.

Watch: NXP Semiconductor CEO on the failed Qualcomm deal