Qualcomm sets new growth targets
Qualcomm said that 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 USD 100 billion today to USD 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." The company also provided new three-year financial targets, in which the company sets its goals to have its QCT revenues to grow at mid-teens CAGR with 30%+ operating margin by fiscal 2024. Qualcomm also expects handset and RF front-end revenues grow at least in-line with a 12% SAM CAGR by fiscal 2024. And automotive revenues grow to USD ~3.5 billion in five years and USD ~8 billion in 10 years. IoT revenues are targeted to grow up to USD 9 billion in fiscal 2024. QTL expected to maintain its current revenue scale and margin profile.