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Qualcomm has launched a $20 billion stock buyback program aimed at counteracting a steep decline in its share price, which has fallen over 24% this year due to a global memory supply shortage impacting smartphone manufacturers. Following the announcement, Qualcomm's shares rose more than 3%.

This new buyback adds to the existing $2.1 billion program. Additionally, Qualcomm is raising its quarterly cash dividend by over 3%, from 89 cents to 92 cents per share. The company is also focusing on diversifying its business to reduce reliance on the smartphone sector, targeting data center chip and autonomous vehicle markets.