(Reuters) - Chipmaker Broadcom Inc said on Thursday it would buy back up to $12 billion of its common stock, sending its shares up 4.5 percent to $250 in extended trading.
The company, which last month ended its efforts to acquire rival Qualcomm Inc , said the repurchase program is effective immediately until the end of Broadcom's fiscal year 2019.
Broadcom moved back to the United States from Singapore earlier this month, following U.S. President Donald Trump's decision to block its $117 billion offer to buy Qualcomm on national security concerns.
The San Jose, California based company has about 411 million outstanding shares and a market value of about $98.71 billion as of Thursday's close.
(This version of the story corrects to say "end of Broadcom's fiscal year 2019" instead of "end of its fiscal year on Nov. 3" in second paragraph)
(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app