Qualcomm Sets New Growth Targets, Showcasing Company's Opportunity as On-Device AI Accelerates Demand for its Technologies

– Unique Position at the Edge Drives an Expanded TAM of ~$900 billion by 2030 –

– Transformation Redefines Qualcomm, Diversifies Customer Base and Accelerates Growth –

Qualcomm Incorporated (NASDAQ:QCOM), a connected computing leader, today outlined its significant opportunities for growth and diversification at its 2024 Investor Day. The company's unique position at the edge is driving access to an expanded TAM of approximately $900 billion by 2030, with more than 50 billion cumulative connected edge device shipments expected from 2024 through 2030.

"Qualcomm's focus on diversification and industry-leading technology roadmap has significantly strengthened the Company's growth profile," said Cristiano Amon, President & CEO, Qualcomm Incorporated. "As generative AI accelerates demand for our technology and we become increasingly relevant across multiple industries, Qualcomm is well positioned to address a $900 billion opportunity by 2030 across an expanding ecosystem of new customers and partners."

Qualcomm provided new five-year financial targets for its QCT business, including:

• Automotive and IoT to drive combined revenues of $22 billion by FY29
  • Automotive revenues to grow to $8 billion by FY29
  • IoT to grow to $14 billion in revenues by FY29
    • PC to grow to $4 billion in revenues by FY29
    • Industrial to grow to $4 billion in revenues by FY29
    • XR to grow to more than $2 billion in revenues by FY29
    • Rest of IoT to grow to $4 billion in revenues by FY29

At its Investor Day, Cristiano Amon, along with Akash Palkhiwala, Chief Financial Officer and Chief Operating Officer, Qualcomm Incorporated; Nakul Duggal, Group General Manager of Automotive, Industrial and Cloud, Qualcomm Technologies, Inc.; Alex Katouzian, Group General Manager of Mobile, Compute and XR, Qualcomm Technologies, Inc.; and Durga Malladi, Senior Vice President and General Manager of Technology Planning & Edge Solutions, Qualcomm Technologies, Inc., outlined the company's traction and expanded opportunities for diversification. Their full presentations and a replay of the event are available here.

About Qualcomm

Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Our proven solutions drive transformation across major industries, and our Snapdragon® branded platforms power extraordinary consumer experiences. Building on our nearly 40-year leadership in setting industry standards and creating era-defining technology breakthroughs, we deliver leading edge AI, high-performance, low-power computing, and unrivaled connectivity. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress.

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 and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patented technologies are licensed by Qualcomm Incorporated.

Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding: our growth and diversification opportunities, including those in automotive and the internet of things (IoT), and opportunities arising from the continued adoption of artificial intelligence (AI) technologies; our business and share trends, as well as market and industry trends, such as on-device Generative AI, and their potential impact on our business and our positioning to take advantage thereof; our TAM expansion and our being well positioned to address such expanded opportunity; our expectations for connected edge device shipments from 2024 through 2030; our technology roadmap and growth profile; anticipated demand for our products and technologies; and our various five-year revenue targets. Forward-looking statements are generally identified by words such as "estimates," "guidance," "forecast," "target," "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: our dependence on a small number of customers and licensees, and particularly from their sale of premium-tier handset 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; 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 or other legal 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; geopolitical conflicts, natural disasters, pandemics and other health crises, and other factors outside of our control; 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 29, 2024 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.

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