Qualcomm expects to move away from supplying Apple to automobiles
Cellular operator Qualcomm will expand the industries it covers, with the automotive sector becoming a focus in the coming years, the company said in a statement.
Sales to Apple were expected to decline in the years to come, but cars and other devices would more than make up for this.
The enterprise called It estimated that the field available for its products would grow from $ 100 billion (A $ 137 billion) to $ 700 billion over the next decade as the number of devices connected grows.
“Qualcomm is at the beginning of one of the greatest opportunities in its history to enable a world in which everyone and everything is intelligently connected,” said Cristiano Amon, President and CEO.
“Qualcomm is uniquely positioned to grow across industries in addition to cell phones, with a rapidly diversifying business that is not defined by any single industry or customer.”
The company presented new financial targets for three years, including:
- QCT [Qualcomm CDMA Technology] Revenue is expected to grow by fiscal year 2024 with a CAGR in the mid-ten range with an operating margin of over 30%;
- The revenue from handsets and HF front-end will grow at least in line with a SAM-CAGR of 12% through the 2024 financial year;
- Automobile sales will grow to ~ 3.5 billion US dollars in five years and ~ 8 billion US dollars in 10 years;
- IoT Revenue Will Rise To $ 9 Billion In Fiscal 2024; and
- QTL is expected to maintain its current revenue scale and margin profile.
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