(Bloomberg) — Qualcomm Inc., the world’s biggest seller of smartphone processors, is expecting its push into new markets to generate an additional $22 billion in annual revenue by fiscal 2029.
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An expansion into automotive chips will generate $8 billion a year, and the Internet of Things category will provide an additional $14 billion, executives told investors Tuesday during a company presentation in New York.
Chief Executive Officer Cristiano Amon, who took the reins in 2021, has sought to broaden Qualcomm’s focus beyond smartphones. That’s included a bid to sell processors for personal computers — an area long dominated by Intel Corp.
Qualcomm is under added pressure to diversify because it set to lose one of its largest customers, Apple Inc. The iPhone maker is developing its own radio connectivity components, which will replace the products it buys from Qualcomm.
The Internet of Things category — a catch-all term for connected devices — includes PCs, industrial machinery, virtual reality gear and other equipment. The company’s total market opportunity will be $900 billion by 2030, Amon said.
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