Qualcomm Unveils Growth Strategy And Financial Targets

(RTTNews) - Qualcomm Inc. (QCOM) outlined its significant growth and diversification opportunities at its 2024 Investor Day. The company's strategic position at the edge is expected to unlock a total addressable market (TAM) of approximately $900 billion by 2030, with more than 50 billion cumulative connected edge device shipments forecasted from 2024 to 2030.

Qualcomm outlined new five-year financial targets for its QCT business, projecting significant growth across several sectors by fiscal year 2029. The company expects combined revenues from Automotive and IoT to reach $22 billion, with Automotive revenues growing to $8 billion and IoT revenues expanding to $14 billion.

Additionally, Qualcomm anticipates that its PC segment will generate $4 billion in revenues, while the Industrial sector is expected to reach $4 billion as well. The XR (extended reality) business is forecasted to grow to more than $2 billion, and the rest of IoT is projected to contribute $4 billion in revenues by fiscal year 2029.