Its two main businesses on fire, Qualcomm ( QCOM) Tuesday instituted its second major dividend hike in eight months.

The chip and technology giant boosted its quarterly payout to 10 cents from 7 cents, becoming the latest in a parade of tech companies that have elected to return more cash to investors in the form of dividends. Intel ( INTC) and Microsoft ( MSFT) are the two most notable examples.

Qualcomm previously raised its quarterly payout to 7 cents from 5 cents in July 2002.

The new dividend, which is payable June 25 to stock of record May 28, implies a still-negligible yield of 0.6% over the company's Monday closing quote of $62.75. The extra 12 cents represents an additional $96.6 million out the door annually and takes its annual dividend obligation up to $322 million for a company that had earnings available to common shareholders of $938.4 million in the year to Sept. 30.

Qualcomm's business has been humming of late, leading the company recently to raise quarterly earnings guidance for the second time in two months.

Qualcomm's stock was recently trading at $62.99 on the Island ECN, up from the $62.75 close.