By Nishant Mohan

Qualcomm Inc. on Tuesday unveiled the first part of a share buyback program authorized last week after scrapping a bid to buy NXP Semiconductors NV.

The chip maker will buy up to $10 billion worth of shares under its $30 billion authorization over the next month. Qualcomm launched a modified Dutch auction to purchase shares tendered for between $60 and $67.50 each.

The company reiterated plans to complete the majority of share buybacks under its $30 billion plan by the end of its fiscal 2019, which ends in September of that year.

Qualcomm shares rose 3.1% to $63.94 in premarket trading. Shares in the company have fallen 3.1% this year through Monday's close.

Qualcomm ending plans to buy Dutch chip maker NXP for $44 billion made the transaction a prominent victim of spiraling trade tensions between the U.S. and China.

Write to Nishant Mohan at nishant.mohan@wsj.com

(END) Dow Jones Newswires

July 31, 2018 09:48 ET (13:48 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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