Qualcomm outlined the financial opportunities it sees in its pursuit of business in the automotive and IoT sectors.#pressrelease
November 19, 2024
Qualcomm Incorporated (NASDAQ: QCOM), a connected computing leader, today outlined its significant opportunities for growth and diversification at its 2024 Investor Day. The company's unique position at the edge is driving access to an expanded TAM of approximately $900 billion by 2030, with more than 50 billion cumulative connected edge device shipments expected from 2024 through 2030.
"Qualcomm's focus on diversification and industry-leading technology roadmap has significantly strengthened the Company's growth profile," said Cristiano Amon, President & CEO, Qualcomm Incorporated. "As generative AI accelerates demand for our technology and we become increasingly relevant across multiple industries, Qualcomm is well positioned to address a $900 billion opportunity by 2030 across an expanding ecosystem of new customers and partners."
Qualcomm provided new five-year financial targets for its QCT business, including:
Automotive and IoT to drive combined revenues of $22 billion by FY29
Automotive revenues to grow to $8 billion by FY29
IoT to grow to $14 billion in revenues by FY29
PC to grow to $4 billion in revenues by FY29
Industrial to grow to $4 billion in revenues by FY29
XR to grow to more than $2 billion in revenues by FY29
Rest of IoT to grow to $4 billion in revenues by FY29
Read the full press release here.
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