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QUALCOMM Declares Quarterly Dividend and Announces Stock Repurchase



RELATED SYMBOLS: (QCOM)

SAN DIEGO, Feb 11, 2003 /PRNewswire-FirstCall via COMTEX/ -- QUALCOMM
Incorporated (Nasdaq: QCOM), pioneer and world leader of Code Division Multiple
Access (CDMA) digital wireless technology, today announced that its Board of
Directors has declared a quarterly dividend of $0.05 per share and approved a
stock repurchase program of up to $1.0 billion of common shares over 24 months.
The dividend is payable on March 31, 2003 to stockholders of record at the close
of business on March 14, 2003 and would pay out approximately $160 million per
year, if continued quarterly. Subject to continued capital availability and a
determination that cash dividends continue to be in the best interests of the
Company and its stockholders, it is the intention of the Board of Directors to
pay a comparable quarterly dividend on a going forward basis.

"QUALCOMM has been generating increasing amounts of free cash from operations as
a result of the success of CDMA technology, particularly with increasing third
generation (3G) CDMA network deployments around the world," said Dr. Irwin Mark
Jacobs, chairman and CEO of QUALCOMM. "QUALCOMM has benefited from the growth of
CDMA with increased revenues and earnings in our core semiconductor and
technology licensing businesses. In declaring the first dividend in our history
and a stock repurchase program, QUALCOMM's Board of Directors has determined
that the Company can return some of its cash to shareholders without impacting
future revenue and earnings growth or restricting strategic opportunities. The
combination of a dividend and a stock repurchase program demonstrates our
commitment to long-term shareholder value."

The stock repurchase program is effective immediately. The timing of repurchases
and the exact number of shares of common stock to be purchased will depend upon
prevailing market conditions and other factors. Repurchases under this program
will be made using the Company's own 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, in privately
negotiated transactions, or through the use of derivative securities. The
Company had approximately 783 million shares of common stock outstanding as of
December 29, 2002.

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

Except for the historical information contained herein, this news release
contains forward-looking statements that are subject to risks and uncertainties.
Actual results, as well as the future executive of the dividend and repurchase
programs, may differ substantially from the results and programs referred to
herein due to a number of factors, including but not limited to risks associated
with: changing global economic conditions, particularly in the
telecommunications and Internet-related industries and the resulting uncertainty
in forecasting future results; the scale-up, acceptance and operations of CDMA
systems; the ability to sustain or improve operational efficiency and
profitability; decreases in the rate of growth in CDMA-based wireless data and
Internet access or the CDMA subscriber population; the development, deployment
and commercial acceptance of evolving CDMA technology standards; developments in
current or future litigation, the ability to continue to generate cash at a rate
necessary to continue paying cash dividends or repurchasing shares, the ability
to execute stock repurchases of the amounts indicated, as well as the other
risks detailed from time-to-time in the Company's SEC reports.

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

For further information, please contact: Julie Cunningham, Sr. Vice President,
Investor Relations, of QUALCOMM Incorporated, [phone], or fax,
[phone], [e-mail]

SOURCE QUALCOMM Incorporated


CONTACT: Julie Cunningham, Sr. Vice President, Investor Relations, of
QUALCOMM Incorporated, [phone], or fax, [phone],
[e-mail]

URL: http://www.qualcomm.com
http://www.prnewswire.com

Copyright (C) 2003 PR Newswire. All rights reserved.

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KEYWORD: California
INDUSTRY KEYWORD: CPR
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ECP
SEM
SUBJECT CODE: DIV

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