SAN DIEGO, Nov. 16, 2021 /PRNewswire/ -- Qualcomm
Incorporated (NASDAQ: QCOM) today said it is continuing to expand
its chipset business to meet the growing opportunity for its
technology at its 2021 Investor Day. The Company expects its
addressable opportunity to grow from approximately $100 billion today to $700
billion in the next decade, as more devices become
intelligently connected.
"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 CEO, Qualcomm
Incorporated. "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."
Qualcomm provided new three-year financial targets,
including:
- QCT 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 ~$3.5
billion in five years and ~$8
billion in 10 years
- IoT revenues grow up to $9
billion in fiscal 2024
- QTL expected to maintain its current revenue scale and margin
profile
Qualcomm today also described how its one technology roadmap
extends across its growth opportunities. At its Investor Day,
President and CEO Cristiano Amon,
CFO Akash Palkhiwala, and CTO Dr.
James Thompson, outlined the
Company's strategy to continue to lead in mobile and power the
connected intelligent edge. Their full presentations are available
here.
About Qualcomm
Qualcomm is the world's leading wireless technology innovator
and the driving force behind the development, launch, and expansion
of 5G. When we connected the phone to the internet, the mobile
revolution was born. Today, our foundational technologies enable
the mobile ecosystem and are found in every 3G, 4G and 5G
smartphone. We bring the benefits of mobile to new industries,
including automotive, the internet of things, and computing, and
are leading the way to a world where everything and everyone can
communicate and interact seamlessly.
Qualcomm Incorporated includes our licensing business, QTL, and
the vast majority of our patent portfolio. Qualcomm Technologies,
Inc., a subsidiary of Qualcomm Incorporated, operates, along with
its subsidiaries, substantially all of our engineering, research,
and development functions, and substantially all of our products
and services businesses, including our QCT semiconductor
business.
Note Regarding Forward-Looking Statements
In addition to historical information, this news release and the
Investor Day presentations referred to herein contain
forward-looking statements that are inherently subject to risks and
uncertainties, including but not limited to statements regarding:
our business, product, technology, financial and acquisition
strategies, priorities, plans, drivers, opportunities, outlook,
estimates, targets and expectations; our growth opportunities,
including in 5G, Handsets, RF Front-End, Automotive and IoT, and
our being well positioned to take advantage of those opportunities;
the continued evolution of 5G technology, including the anticipated
timing of future 3GPP releases and the additional capabilities and
use cases that will be enabled thereby; our technologies,
technology leadership and technology roadmap; our products, product
performance, product leadership, product pipeline, product mix and
product roadmap; new product releases, announcements and design
wins; the benefits of our technologies, products, business model
and early investments in research and development; our business and
share trends, as well as market and industry trends and their
potential impact on our business and our positioning to take
advantage thereof; our pending acquisition of Veoneer's Arriver
business, including the timing and anticipated benefits thereof;
anticipated demand for our products and technologies; supply
issues, including anticipated improvements to the supply
constraints affecting the industry and the timing thereof; our
capital allocation strategy, including anticipated dividend growth
and share repurchases; our estimates for global handset and
non-handset shipments; our estimates, forecasts and guidance
related to our financial results; and our goals relating to
reduction of greenhouse gas emissions. Forward-looking
statements are generally identified by words such as "estimates,"
"guidance," "expects," "anticipates," "intends," "plans,"
"believes," "seeks" and similar expressions. Actual results
may differ materially from those referred to in the forward-looking
statements due to a number of important factors, including but not
limited to: the impact of the COVID-19 pandemic, and government
policies and other measures designed to limit its spread; our
dependence on a small number of customers and licensees, and
particularly from their sale of premium-tier devices; our customers
vertically integrating; a significant portion of our business being
concentrated in China, which is
exacerbated by U.S./China trade
and national security tensions; our ability to extend our
technologies and products into new and expanded product areas,
and industries and applications beyond mobile handsets; our
strategic acquisitions, transactions and investments, and our
ability to consummate strategic acquisitions; our dependence on a
limited number of third-party suppliers; risks associated with the
operation and control of our manufacturing facilities; security
breaches of our information technology systems, or other
misappropriation of our technology, intellectual property or other
proprietary or confidential information; our ability to attract and
retain qualified employees, and to successfully operate under a
hybrid working environment; the continued and future success of our
licensing programs, which requires us to continue to evolve our
patent portfolio and to renew or renegotiate license agreements
that are expiring; efforts by some OEMs to avoid paying fair and
reasonable royalties for the use of our intellectual property, and
other attacks on our licensing business model; potential changes in
our patent licensing practices, whether due to governmental
investigations, legal challenges or otherwise; adverse rulings in
governmental investigations or proceedings; our customers' and
licensees' sales of products and services based on CDMA, OFDMA and
other communications technologies, including 5G, and our customers'
demand for our products based on these technologies; competition in
an environment of rapid technological change, and our ability to
adapt to such change and compete effectively; failures in our
products or in the products of our customers or licensees,
including those resulting from security vulnerabilities, defects or
errors; difficulties in enforcing and protecting our intellectual
property rights; claims by third parties that we infringe their
intellectual property; our use of open source software; the
cyclical nature of the semiconductor industry, declines in global,
regional or local economic conditions, or our stock price and
earnings volatility; our ability to comply with laws, regulations,
policies and standards; our indebtedness; and potential tax
liabilities. These and other risks are set forth in our
Annual Report on Form 10-K for the fiscal year ended September 26, 2021 filed with the Securities and
Exchange Commission ("SEC"). Our reports filed with the SEC
are available on our website at www.qualcomm.com. We
undertake no obligation to update, or continue to provide
information with respect to, any forward-looking statement or risk
factor, whether as a result of new information, future events or
otherwise.
Qualcomm Contacts:
Pete Lancia, Corporate
Communications
Phone: 1-858-845-5959
Email: corpcomm@qualcomm.com
Mauricio Lopez-Hodoyan, Investor Relations
Phone: 1-858-658-4813
Email: ir@qualcomm.com
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SOURCE Qualcomm Incorporated