Qualcomm Investor Day 2024
On 19 November, 2024, Qualcomm held its Investor day in New York reinforcing its existing strategy and showcasing its capabilities to meet new growth targets through to 2030.
New Revenue Targets
This latest investor day demonstrates the technological building blocks that have been in put place for some years. In turn and more importantly, highlights a high degree of confidence that the existing management have in achieving its new targets. The company is ending an unforgettable year on a high. The wealth of new products unveiled this year has been truly remarkable and it is not resting on its laurels. We are only a couple of months away from CES and we should already expect to see the first of many new announcements for 2025.
Qualcomm’s CEO Cristiano Amon along with key management reiterated company’s diversification plans and provided five-year financial targets for its QCT business, including:
Automotive and IoT to drive combined revenues of $22bn by FY29
Automotive revenues to grow to $8bn by FY29
IoT to grow to $14bn in revenues by FY29
PC to grow to $4bn in revenues by FY29
Industrial to grow to $4bn in revenues by FY29
XR to grow to more than $2bn in revenues by FY29
Rest of IoT to grow to $4bn in revenues by FY29
Shift of three quarters of total revenue from handsets in FY24 with target of 50/50 split with automotive and IoT in 2030
An expanded TAM of approximately $900bn by 2030 with more than 50bn cumulative connected edge device shipments expected from 2024 through 2030
Integration of AI across its product set. Acceleration in adoption of GenAI will fuel demand for its technologies and open up new opportunities across verticals
Strong endorsement among credible partners to reinforce growth potential and market evolution in numerous areas. Video contributions included Amazon, Aramco, BestBuy, HP, Honeywell, Lenovo, Mercedes-Benz, Meta, Microsoft and more
Unsurprisingly, mobile did not feature prominently to ensure its ongoing focus on diversification resonates with key stakeholders, but should NOT be overlooked as it cements its chipset leadership with further developments next year