Qualcomm CEO Steve Mollenkopf said that the move will help Qualcomms' proposed acquisition of NXP.

Qualcomm has been trying to wrap up its $43 billion acquisition of Dutch automotive chip maker NXP Semiconductors for more than 18 months. The deal aims to diversify Qualcomm’s business, reducing its reliance on smartphones.

The new stock repurchase authorisation has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases will be made using the company’s cash resources and may be commenced or suspended at any time or from time-to-time at the company’s discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, accelerated share repurchase programs, through privately negotiated transactions or through the use of derivative instruments.

A buyback is one thing that some bulls on the stock said could ease the frustration of investors after the most recent quarterly forecast came in below expectations. The announcement saw Qualcomm's share value rise after falling in April.