Qualcomm Inc. is set to give up on the acquisition of semiconductor manufacturer NXP, according to a report by CNBC on Wednesday, citing one person with knowledge on the matter.
The company's Chief Executive Steve Mollenkopf (pictured) is said to present a share buyback program in a conference call with the investors, following the earnings release coming out after the closing bell later today.
According to the source, Qualcomm doesn't expect China's State Administration for Market Regulation (SMAR) to make a last minute decision, ruling in favor of the deal by the end of the day.
