Qualcomm forecasts $100 billion revenue by 2029, driven by edge-to-cloud growth, while handset chip demand weakens.
Qualcomm (NASDAQ: QCOM) shares remain flat year to date, trailing Nvidia and Intel as data center chip demand dominates investor focus. The company’s handset business faces revenue pressure from memory shortages, but its pivot to edge-to-cloud infrastructure aims to double revenue to $100 billion by 2029, with earnings per share exceeding $18.
First-quarter revenue fell 3% year over year to $10.6 billion, while adjusted earnings dropped 7% to $2.65. Non-handset segments, however, grew 20% combined, led by a 38% surge in automotive revenue. Qualcomm expects $6 billion in annualized auto revenue by fiscal year-end and projects $40 billion in non-handset revenue by 2029.
The company’s $65 billion in automotive design wins underscores its expansion beyond mobile chips, though Wall Street has yet to fully price in the transition.