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Qualcomm CEO Expects Chip Market To Grow To $700 Billion

Despite being hampered by global supply chain issues at the moment, chipmaker Qualcomm looked firmly toward a bright future at yesterday’s Investor Day.

Qualcomm expects to expand its services to a number of nascent industries, explain how its business is growing to “meet the growing opportunity for its technology”.

Qualcomm CEO and President Cristiano Amon said the company expects its “addressable opportunity” to grow from roughly $100 billion today, 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 Amon.

“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 outlined new financial targets for FY24.

  • 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

“This is an amazing time to be part of Qualcomm,” Amon said.

“The need for our technologies and products has never been more evident. We are seeing demand across virtually every industry – because our products and technologies are essential ingredients that enable digital transformation and the cloud economy.”

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