Qualcomm Unveils $20B Buyback, Eyes $40B Non-Handset Revenue by FY2029
QCOM sits 52% above its 52-week low of $121.99.
Summary
Qualcomm announced a substantial $20 billion share buyback program, signaling strong financial health and commitment to shareholder returns. The company also detailed an ambitious $40 billion non-handset revenue pipeline by FY2029, including $10 billion from automotive and $8 billion from industrial segments, reinforcing its diversification strategy. This follows recent strategic moves into the data center market, including securing major customer wins and the acquisition of Modular Inc. The $15 billion data center revenue target by FY2029 was previously announced. Qualcomm also clarified it is not in acquisition talks with AI chipmaker Tenstorrent.
At the time of this announcement, QCOM was trading at $185.97 on NASDAQ in the Technology sector, with a market capitalization of approximately $194.8B. 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: Wiseek News.