Qualcomm's finances and technology prowess is reaping good results in 2013.
Qualcomm recently announced that its board of directors has approved a new $5 billion stock repurchase program. The plan replaces the prior $5 billion stock repurchase program announced on March 5, when a 40 percent increase in the quarterly cash dividend was also announced.
Qualcomm has repurchased approximately 40.1 million shares of common stock for approximately $2.7 billion since July 24.
"Since these programs began in 2003, we have returned over $25 billion to stockholders through a combination of stock repurchases and cash dividends," said Paul Jacobs, Qualcomm chairman and CEO, in a statement.
Qualcomm (San Diego) also announced it has become an official founding technology partner of the FIA Formula E Championship, the new international championship featuring racing cars powered exclusively by electric energy. It has signed a multi-year agreement with Formula E Holdings (FEH) to allow Qualcomm and FEH to showcase mobile and electronic vehicle technologies globally through the racing sport.
Qualcomm will advise FEH on incorporating sustainable technologies into the racing series. Qualcomm Halo Wireless Electric Vehicle Charging (WEVC) technology will be adapted for 2014/2015 FIA Formula E Championship safety cars so they can be wirelessly charged.
Qualcomm Halo WEVC technology uses resonant magnetic induction to transfer energy between a ground-based pad and a charging pad on the electric vehicle. Drivers park over the base pad for charging.
Qualcomm will advise for 10 venue cities to help enhance the spectator experience around the circuit such as live streaming to fans, video gaming and social media, the company said.
Qualcomm Technologies also recently announced it would collaborate with Technicolor on a new set-top box featuring LTE technology, terrestrial broadcast and Android. The new SVELTE (Stimulating Video Experience over LTE) portable media center will feature the Qualcomm Snapdragon 600 processor.