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Qualcomm CEO: Qualcomm's Automotive Chip Business on Track to Exceed Sales Targets

Update time : 2024-01-16 09:45:48

Recently, Qualcomm CEO Cristiano Amon said the company's automotive chip business is expected to exceed sales expectations, which will help reduce Qualcomm's dependence on the chip business for electronics such as cell phones.
Qualcomm is currently the largest seller of chips for smartphones. The company expects sales in its automotive chip division to reach about $4 billion by 2026, and revenue from its automotive chip business to increase to $9 billion by the end of the 1920s.
"I think we've exceeded those goals," Amon said in an interview at the 2024 International CES in Las Vegas.
Diversifying revenue streams has been a key effort of Amon's tenure since he took over as Qualcomm's CEO in June 2021. Qualcomm is selling more chips to handle vehicle driving and entertainment functions, as well as processors for a variety of electronic devices, such as personal computers, headphones, etc. They hope this business will continue to gain momentum as the smartphone market continues to mature.
On Tuesday, Qualcomm shares rose 1.4% to $140.95. For all of last year, Qualcomm shares were up 32 percent.

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