To meet the growing business opportunity, Qualcomm Incorporated (NASDAQ: QCOM) will continue expanding its chipset business, the company said at the 2021 Investor Day. As more devices become intelligently connected, the company expects the addressable opportunity to grow from approximately $100 billion now to $700 billion in the next decade.
“Qualcomm is at the beginning of one of the largest opportunities in its history, enabling a world where everyone and everything is intelligently connected,” said Cristiano Amon, president and CEO, Qualcomm Incorporated. “Qualcomm is uniquely positioned to grow across multiple industries in addition to handsets, with a rapidly diversifying business that is not defined by any one single industry or customer.”
Qualcomm provided new three-year financial targets, including:
- QCT revenues to grow at mid-teens CAGR with 30%+ operating margin by fiscal 2024
- Handset and RF front-end revenues grow at least in-line with a 12% SAM CAGR by fiscal 2024
- Automotive revenues grow to ~$3.5 billion in five years and ~$8 billion in 10 years
- IoT revenues grow up to $9 billion in fiscal 2024
- QTL expected to maintain its current revenue scale and margin profile
At the Investor Day, Qualcomm also explained how its one technology roadmap extends across its growth opportunities. Cristiano along with Akash Palkhiwala (CFO) and Dr. James Thompson (CTO), outlined the company’s strategy to continue to lead in mobile and power the connected intelligent edge.
