By Nishant Mohan

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (August 1, 2018).

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

August 01, 2018 02:47 ET (06:47 GMT)

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