Qualcomm Incorporated CEO and President Cristiano Amon joins Yahoo Finance Live to discuss the semiconductor manufacturer’s future in developing technology for cloud computing, investing in the automotive industry and mobile devices, and metaverse immersion.
Video Transcript
JULIE HYMAN: Now, Qualcomm yesterday holding an investor day and coming out with a number of different targets, both for the overall business and individual parts of the business. Overall, revenue, the company says, has the potential to top $46 billion by 2024, and various components like automotive and the internet of things are going to be a more important and bigger part of that. Cristiano Amon is here with us now. He’s Qualcomm CEO and President coming on the heels of that investor day.
Cristiano, it’s great to see you. I wish we were in person, as I say to so many of our guests, but this will have to continue to do for now. First of all, I want to ask about– just dive right in and ask sort of about the elephant in the room, which you talked a little bit about yesterday, and that is Apple. Traditionally, you guys have been so dominant in smartphone chips, and Apple has been a big client. Now there’s this whole diversification strategy. Talk to me about what the next few years look like as that migration continues.
CRISTIANO AMON: Good to see you. I’m happy to really talk to you, Julie and Brian. But we’re very excited about what’s happening at Qualcomm right now. There’s demand for technology virtually across every industry. We’re really benefiting from trends like 5G digital transformation, which has been really accelerating. And all of this growth of the cloud. If you believe the growth of the cloud and the projections of valuations in the cloud companies, you believe in the growth of Qualcomm. We’re the company really connecting those billions of devices to generating data going to the cloud.
And what is it [AUDIO OUT] what you mentioned, we are in our handset business, which it is growing. It’s growing faster than the market, even growing on a flat to single digit mobile market. Our handset business is growing. Android is the largest growth engine of our handset business as we gain share.
But the non-handsets is growing at 1.6 times the handset business. And that’s kind of validation of what’s really happening with Qualcomm. And we’re diversifying to automotive and into this very broad IoT category. And we put a target of 7x expansion of addressable market for Qualcomm in the next decade. You don’t see a lot of …….
Source: https://finance.yahoo.com/video/qualcomm-ceo-talks-apple-cloud-154340779.html