Qualcomm Doubles Non-Handset Revenue Target to $40B by FY2029, Shares Jump 11%
QCOM sits 80% above its 52-week low of $121.99.
Summary
Qualcomm announced a significant acceleration of its diversification strategy, projecting non-handset revenue to reach $40 billion by fiscal year 2029, doubling its previous target. This includes over $15 billion from data center AI infrastructure, $10 billion from automotive, and more than $14 billion from IoT. This strategic shift aims to reduce reliance on smartphone chips, with handsets expected to represent only a third of its semiconductor business by 2029. The market reacted positively, with shares rising 11% in after-hours trading, reflecting investor confidence in the company's long-term growth strategy beyond its traditional core.
At the time of this announcement, QCOM was trading at $219.70 on NASDAQ in the Technology sector, with a market capitalization of approximately $208.1B. The 52-week trading range was $121.99 to $259.92. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.