Qualcomm Has High Ambitions for Automotive and IoT Solutions

Qualcomm plans to boost earnings related to IoT, automotive, PCs, and extended reality (XR) devices. It is a part of its strategy to reduce reliance on the handset market.

The company set a target of achieving $22 billion in annual revenue from the segments by its FY29. The chip giant expects $8 billion of this figure to come from automotive, $4 billion from PC, $2 billion from XR, $4 billion from industrial devices, and $4 billion from its other IoT category.

Target of $22 billion in revenue expected by FY29 (ending September 2029) compares to a combined $8.3 billion generated from the areas in FY24. In its latest financial year, it achieved $24.9 billion in revenue from its handset segment. CFO and COO Akash Palkhiwala explained that the company aims to have a revenue mix in its CDMA Technologies segment of 50-50 between handsets and other areas by the end of the decade.

Qualcomm president and CEO Cristiano Amon said its focus on diversification and industry-leading technology roadmap has significantly strengthened the company’s growth profile. “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,” added Amon.