Qualcomm Faces Investor Doubts Over Non-Smartphone Revenue Targets

The company projects $22 billion in sales from automotive and IoT sectors by 2029, but analysts express skepticism.

Qualcomm's stock dropped 6% after unveiling ambitious revenue targets for its automotive and Internet of Things (IoT) segments.
The company expects $8 billion in automotive and $14 billion in IoT sales by 2029, aiming to diversify beyond its core smartphone business.
CEO Cristiano Amon remains optimistic about Qualcomm's new Snapdragon X Elite chips, which are well-received in the PC market.
Despite potential U.S.-China trade tensions, Qualcomm is confident in its strong relationships and continued business in China.
Analysts highlight challenges in Qualcomm's expansion, citing competition and market development uncertainties.