Qualcomm Doubles 2029 Non-Handset Revenue Target to $40 Billion as Meta Adopts New CPU
Updated
Updated · CNBC · Jun 24
Qualcomm Doubles 2029 Non-Handset Revenue Target to $40 Billion as Meta Adopts New CPU
3 articles · Updated · CNBC · Jun 24
Summary
Qualcomm shares rose 15% after hours after the chipmaker lifted its fiscal 2029 non-handset revenue target to $40 billion from $22 billion and set an adjusted EPS goal above $18.
Dragonfly C1000, a new data-center CPU built for agentic AI, will be used by Meta when production starts in 2028, giving Qualcomm an early marquee customer in its server push.
Qualcomm said it is targeting $15 billion in 2029 data-center sales, has secured two custom-silicon deals with hyperscalers, and plans a broader lineup including an AI chip and chip-linking product.
Smartphones still generated about two-thirds of product revenue in the March quarter, but Qualcomm is leaning on its power-efficient chip expertise to expand into faster-growing markets such as data centers and autos.
The company also raised its automotive design-win pipeline to $65 billion, increased its 2029 auto revenue target to $10 billion, and bought AI software startup Modular to broaden its data-center stack.