Qualcomm’s new fiscal year growth target: continue to expand semiconductors, and the automotive business will grow to 3.5 billion US dollars in 5 years

Qualcomm CEO Anmeng: Qualcomm is ushering in the biggest development opportunity in its history, helping to empower a world of intelligent interconnection of all things

On November 16, Qualcomm (NASDAQ: QCOM) set new growth targets and financial guidance for the 2024 fiscal year at its 2021 Investor Conference, and announced that it would continue to expand its semiconductor business to meet the demand for its technology. The growing opportunities that come. Qualcomm predicts that its potential market size will grow to US$700 billion in the next ten years.

Qualcomm was established in 1985 and is an electronic equipment company focusing on radio communication technology and chip research and development. Its products cover chips, 5G R&D, WiFi, AI, automobiles and other fields, and have cooperated with many mobile phone, tablet, and automobile companies around the world.

At the conference, Qualcomm established new financial goals for the next three fiscal years. By the 2024 fiscal year, Qualcomm plans to achieve a mid-teens compound annual growth rate in the semiconductor business revenue of its QCT division (Qualcomm CDMA Technology Group), and the operating profit margin is expected to exceed 30%.

The growth rate of smartphone and RF front-end business revenue will be the same as the 12% compound annual growth rate of the serviceable market (SAM). The annual revenue of the automotive business is expected to grow to US$3.5 billion in the next 5 years and US$8 billion in the next 10 years. The annual revenue of the Internet of Things business is expected to grow to 9 billion US dollars. The QTL technology licensing business is expected to maintain the current revenue scale and profit level.

Qualcomm's new fiscal year growth target: continue to expand semiconductors, and the automotive business will grow to 3.5 billion US dollars in 5 years

Qualcomm “Unified Technology Roadmap”

For the smartphone business, Qualcomm’s Snapdragon chip will target the flagship and high-end Android mobile phone market. Xiaomi , Honor , Vivo, and OPPO have determined to cooperate with Qualcomm in flagship and high-end mobile phones in the next two years.

At the same time, Samsung will also use the Snapdragon mobile platform in its multi-tier terminals in 2022. As Apple’s main chip supplier, Qualcomm has been committed to “de-apple” in recent years. Qualcomm Chief Financial Officer Akash Palkhiwala predicts that by the end of fiscal year 2024, Apple will account for less than 5% of the company’s chip sales.

In the RF front-end business, Qualcomm plans to extend its modem and RF advantages to Wi-Fi, and apply the RF front-end to the automotive and Internet of Things fields, in order to promote the growth of RF front-end business.

For the automotive business, Qualcomm is building a Snapdragon digital chassis, including digital cockpits, in-vehicle networking, ADAS platforms, and car-to-cloud-the goal is to provide more technologies and solutions for cars. On the day of the conference, BMW announced that it had selected Qualcomm as a system solution provider to help it build a next-generation ADAS and autonomous driving platform.

In terms of the Internet of Things business, Qualcomm continues to make efforts to create connectivity and intelligent processing for the edge of cloud connectivity. Qualcomm plans to build a consumer-grade networking, industrial grade Things to and physical network edge network. At the same time, Qualcomm also plans to build a “next-generation computing platform” in the field of extended reality (XR), and will use its advantages in the XR field to help its meta-universe development.

At the conference, Qualcomm President and CEO An Meng said: “Qualcomm is ushering in the biggest development opportunity in its history to help empower a world of intelligent interconnection of all things. Qualcomm has unique advantages. In addition to smartphones, we also Business growth will be achieved in many areas. Our business is rapidly diversifying, not relying on a single industry or a single customer.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/qualcomms-new-fiscal-year-growth-target-continue-to-expand-semiconductors-and-the-automotive-business-will-grow-to-3-5-billion-us-dollars-in-5-years/
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