Wireless communications company Qualcomm Inc. declared a 2-for-1 stock split Tuesday and increased its quarterly dividend by 40%.
The San Diego-based maker of cellphone chips said its quarterly cash dividend would increase to 14 cents a share from 10 cents on a pre-split basis and to 7 cents from 5 cents on a post-split basis.
The increased dividend rate will be payable Sept. 24 to shareholders of record on Aug. 27. The stock split will take effect Aug. 13 for holders of record on July 23.
Qualcomm said the growth of its wireless technology had significantly raised cash flow and earnings.
Shares of Qualcomm rose 83 cents to $70.27 on Nasdaq. They are up 30% this year.