Qualcomm shares jumped more than 12% in after-hours trading. The company raised its fiscal 2029 non-mobile revenue forecast to $40 billion, up from a previous $22 billion target.
The revised guidance reflects a strategic push into data centers, automotive, and industrial IoT. This expansion aims to diversify the company's revenue beyond the smartphone market.
Qualcomm expects its data center segment to generate over $15 billion in revenue by 2029. A new multi-generation agreement with Meta Platforms supports this growth. Meta will begin using Qualcomm’s Dragonfly C1000 CPU to power its server fleets in 2028.