Qualcomm unveiled an ambition to boost earnings related to IoT, automotive, PCs and extended reality (XR) devices as part of a strategy to cut its reliance on the handset market, setting a target of achieving $22 billion in annual revenue from the segments by its FY29.

The chip giant expects $8 billion of this figure to come from automotive, $4 billion from PC, $2 billion from XR, $4 billion from industrial devices and $4 billion from its other IoT category.   

Its target of $22 billion in revenue expected by FY29 (ending September 2029) compares to a combined $8.3 billion generated from the areas in FY24.

In its latest financial year it achieved $24.9 billion of revenue from its handset segment.

Speaking at an investor event Qualcomm CFO and COO Akash Palkhiwala explained the company aimed to have a revenue mix in its Qualcomm CDMA Technologies (QCT) segment of 50-50 between handsets and the other areas by the end of the decade.

Qualcomm president and CEO Cristiano Amon said its “focus on diversification and industry-leading technology roadmap has significantly strengthened the company’s growth profile”.

“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,” he added.

The updated targets are a continuation of a drive by the chip company to diversify its revenue.