Qualcomm Targets $22 Billion Boost with Diversification Push

Published 3 hours agoQCOM

Qualcomm Targets $22 Billion Boost with Diversification Push

Qualcomm has announced an ambitious plan to expand its revenue streams, aiming to add $22 billion annually by fiscal year 2029. The strategy is part of a broader effort to diversify beyond its traditional smartphone market. As reported by BNN Bloomberg, the company is focusing on four key areas: automotive, Internet of Things (IoT), personal computers (PCs), and extended reality (XR).

In the automotive sector, Qualcomm projects $8 billion in annual revenue by 2029, with a significant portion already secured through existing contracts. Meanwhile, the IoT segment is expected to generate $14 billion annually, tapping into markets for smart homes, connected devices, and edge AI solutions. The PCs division, propelled by the release of Snapdragon X processors for Windows devices, is anticipated to contribute an additional $4 billion per year. Furthermore, the company's innovations in XR are likely to bring in over $2 billion annually, thanks to the development of AR, VR, and mixed-reality platforms.

The overarching aim of these initiatives is to lessen Qualcomm's dependency on smartphone sales, which constituted about 75% of its chip division's revenue in fiscal 2024. The company's projections suggest substantial growth potential, with the total addressable market expected to hit $900 billion by 2030. These efforts underline Qualcomm's dedication to broadening its market reach and bolstering its innovation capabilities.

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