By Denny Jacob


NXP Semiconductors NV said Monday its board of directors approved a new $2 billion share repurchase program for 2022. The new share repurchase authorization is in addition to the approximately $1.35 billion remaining for purchase under previously authorized share repurchase programs.

The company also said the board approved a 50% increase in the quarterly cash dividend to roughly 84 cents per ordinary share. The interim dividend will be paid in cash on April 6 to shareholders of record as of March 15.

"We continue to see growing customer demand, outstripping supply, as inventory across all end markets remains very lean. Taken together, this underpins our continued confidence of robust growth throughout 2022," Chief Executive Kurt Sievers said in prepared remarks.


Write to Denny Jacob at denny.jacob@wsj.com


(END) Dow Jones Newswires

01-31-22 1700ET