tech
Qualcomm stock pops 15% after chipmaker almost doubles projection for 2029 non-handset revenue
Qualcomm's primary business has been smartphones, which accounted for two-thirds of the company's product revenue in it's most recent quarter.
TL;DR
- Qualcomm's non-handset revenue forecast for fiscal 2029 increased from $22 billion to $40 billion.
- The company is targeting $15 billion in data center sales and over $18 per share in adjusted earnings for fiscal 2029.
- Qualcomm introduced the Dragonfly C1000 CPU for data centers, which Meta will use starting in 2028.
- The company aims to diversify beyond smartphones into faster-growing markets like cars, robots, and data centers.
- Qualcomm's automotive design-win pipeline has expanded to $65 billion, with a revenue target of $10 billion by fiscal 2029.
- The company acquired Modular, a startup offering software for AI applications on various chip architectures.