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Wireless technology provider Qualcomm will expand the industries it covers, with the automotive sector a focus in the years to come, the company says in a statement.
Sales to Apple were expected to fall in coming years but cars and other devices would more than make up for it.
The company said it expected the field available for its products to increase from US$100 billion (A$137 billion) to US$700 billion in the next decade as the number of connected devices grows.
“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 chief executive.
“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.”
The company provided new three-year financial targets, including:
- QCT [Qualcomm CDMA Technology] revenues to grow at mid-teens CAGR with 30%+ operating margin by fiscal 2024;
- Handset and RF front-end revenues grow at least in-line with a 12% SAM CAGR by fiscal 2024;
- Automotive revenues grow to ~US$3.5 billion in five years and ~US$8 billion in 10 years;
- IoT revenues grow up to US$9 billion in fiscal 2024; and
- QTL expected to maintain its current revenue scale and margin profile.
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