March 17 (Reuters) - Smartphone chip designer ‌Qualcomm on Tuesday unveiled a $20 billion stock ​buyback program, ​in addition to its existing $2.1 ⁠billion share ​repurchase authority.

Shares of the ​company rose more than 3% in premarket trading.

Qualcomm ​is also increasing ​its quarterly cash dividend by ‌over ⁠3%, to 92 cents per share from 89 cents, ​the ​company ⁠said.

"We remain focused on stockholder ​returns and executing ​on ⁠our ongoing diversification opportunities," CEO Cristiano ⁠Amon ​said.