Qualcomm Incorporated 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.”
In line with this, Qualcomm provided new three-year financial targets, including Qualcomm CDMA Technologies (QCT) semiconductor business revenues to grow at mid-teens CAGR with 30%+ operating margin by fiscal 2024 and Qualcomm Technology Licensing (QTL) to maintain its current revenue scale and margin profile.
As part of its QCT segment outlook by fiscal 2024, handset and RF front-end revenues are anticipated to grow at least in line with a 12% SAM CAGR and IoT revenues boost to $9 billion. On the other hand, automotive revenues are set to grow at ~$3.5 billion in five years and ~$8 billion in 10 years.
Qualcomm also described how its technology roadmap extends across its growth opportunities, as the company aims to continue leading in mobile and power the connected intelligent edge.