UPDATE 3-Qualcomm raises profit forecast, may buy back stock if bid for NXP fails [Reuters]
QUALCOMM Incorporated (QCOM)
Last qualcomm incorporated earnings: 4/29 04:01 pm
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Source: Reuters
Qualcomm raises profit forecast, may buy back stock if bid for NXP fails | Reuters 3 Min Read (Reuters) - Qualcomm Inc ( QCOM.O ), the U.S. chipmaker fending off a hostile bid by Broadcom Ltd ( AVGO.O ), raised its profit forecast on Tuesday and said it might use funds to buy back stock if its $38 billion bid to acquire NXP Semiconductors NV ( NXPI.O ) fails. It was the first time Qualcomm raised the buyback as an alternative to buying NXP, as the deal faces strong opposition from NXP shareholders. “With tax reform, we are well positioned to complete a large stock buyback that will deliver essentially the same level of accretion to Qualcomm stockholders as if we had closed NXP,” Qualcomm Chief Financial Offer George Davis said in a webcast. “Our preference is to close NXP, but not at all costs.” Under legislation approved by U.S. lawmakers in December, U.S. companies may repatriate overseas cash at a 15.5 percent tax rate compared to the standard 35 percent rate. This has prompt
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QCOM
Earnings
- 1/31/24 - Beat
QCOM
Sec Filings
- 4/4/24 - Form 4
- 4/4/24 - Form 144
- 4/2/24 - Form 4
- QCOM's page on the SEC website