Qualcomm Sets New Growth Targets and Financial Guidance Through Fiscal 2024

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Qualcomm Incorporated said it is continuing to expand its chipset business to meet the growing opportunity for its technology at its 2021 Investor Day. The Company expects its addressable opportunity to grow from approximately $100 billion today to $700 billion in the next decade, as more devices become intelligently connected.

“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 

Qualcomm also described how its one technology roadmap extends across its growth opportunities. At its Investor Day, President and CEO Cristiano Amon, CFO Akash Palkhiwala, and CTO Dr. James Thompson, outlined the Company’s strategy to continue to lead in mobile and power the connected intelligent edge.