QUALCOMM Announces $3.0 Billion Stock Repurchase Program

SAN DIEGO, May 22 /PRNewswire-FirstCall/ -- QUALCOMM Incorporated (Nasdaq: QCOM), a leading developer and innovator of Code Division Multiple Access (CDMA) and other advanced wireless technologies, today announced that, effective immediately, its Board of Directors has approved a new $3.0 billion stock repurchase program to replace its previous $2.5 billion stock repurchase program, which had $865 million of remaining availability.

"We are pleased to expand our stock repurchase program," said Dr. Paul E. Jacobs, CEO of QUALCOMM. "Strong operating cash flows are driving our development of new products and technologies and enabling us to return capital to stockholders through stock repurchases and dividends." Since these programs began in 2003, the Company has returned $4.8 billion to stockholders through stock repurchases and cash dividends.

The stock repurchase program 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 under this program will be made using the Company's cash resources and may be commenced or suspended at any time or from time-to-time at management's discretion without prior notice. Repurchases may be made in the open market, through 10b5-1 programs, in privately negotiated transactions, or through the use of derivative securities. The Company had approximately 1.7 billion shares of common stock outstanding as of April 23, 2007.

QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., QUALCOMM is included in the S&P 500 Index and is a 2007 FORTUNE 500(R) company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM.

QUALCOMM is a registered trademark of QUALCOMM Incorporated. All other trademarks are the property of their respective owners.

    QUALCOMM Contact:
    John Gilbert, Investor Relations
    Phone:  1-858-658-4813
    Email:  ir@qualcomm.com

SOURCE QUALCOMM Incorporated

Released May 22, 2007