Qualcomm nearly doubles non-handset revenue target to $40 billion by fiscal 2029

EarningsProduct / Tech Impact 4
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Summary · why it matters

Qualcomm nearly doubled its fiscal 2029 non-handset revenue target to about $40 billion, up from $22 billion, and for the first time set a data center revenue goal of more than $15 billion. The company detailed a server processor called the Dragonfly C1000 and a line of AI accelerators, with Meta Platforms agreeing to a multi-year, multi-generation deal to use the new processor in its data centers starting in the second half of 2028. Automotive revenue rose 38% year over year to a record $1.3 billion in the fiscal second quarter, and management is targeting $10 billion in annual automotive revenue by fiscal 2029. Shares jumped as much as 15% on the news.

Impact on stocks 4

Artificial Intelligence▲ · 3 stocks
Meta Platforms Inc.
META
▲ PositiveDemandrelevance

Meta agreed to a multi-year, multi-generation deal to use Qualcomm's new server processor in its data centers starting in 2028

Semiconductors▲ · 1 stocks
Qualcomm Incorporated
QCOM
▲ PositiveTechnologyrelevance

Qualcomm nearly doubled its non-handset revenue target to $40B, set a data center revenue goal of $15B+, detailed new server processor and AI accelerators, and reported strong automotive revenue growth

Theme Impact 8

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