Qualcomm approves 20 billion USD stock buyback and strategic pivot

Qualcomm has approved a 20 billion USD stock buyback program as the semiconductor company shifts its strategic focus toward the automotive and Internet of Things (IoT) sectors. This move comes in response to market saturation in the smartphone industry.

As part of a regional restructuring in Europe, the Middle East, and Africa (EMEA), Wassim Chourbaji has been appointed as Senior Vice President and President of EMEA. His predecessor, Enrico Salvatori, will transition to the role of Chairman, focusing primarily on the automotive segment until his retirement in 2027. The company aims to reduce its dependence on handset chips, targeting a total revenue of approximately 60.5 billion USD by 2029.