QUALCOMM Incorporated (QCOM) Stock

Qualcomm Incorporated is experiencing difficulties as it tries to expand beyond smartphones, resulting in recent poor performance. Although management tried to boost investor confidence during their latest event, the market response was not very enthusiastic. While Qualcomm has the potential to grow in new areas, this change will require time to develop.

Recently, Qualcomm (QCOM) has gained a lot of interest from users on Zacks.com. As a result, it's important to understand the factors that could affect the stock's future performance.

Qualcomm (QCOM) has received a Zacks Rank #2 (Buy) upgrade, indicating increased confidence in the company's potential earnings. This could lead to a rise in the stock price soon.

Qualcomm's CEO, Cristiano Amon, stated that the company's expansion into new markets is progressing as expected. In an interview on "Bloomberg Technology," he expressed confidence in meeting their goals and believes that sales of PC chips will surpass predictions.

Cristiano Amon, the CEO of Qualcomm, appears on 'Closing Bell Overtime' to discuss the company's investor day, their growth goals, and other topics.

NEW YORK--(BUSINESS WIRE)--Qualcomm Incorporated (NASDAQ: QCOM), a leader in connected computing, shared its major growth and diversification plans at the 2024 Investor Day. The company is well-positioned to tap into a larger total addressable market of around $900 billion by 2030, anticipating over 50 billion connected edge devices to be shipped from 2024 to 2030. "Qualcomm's commitment to diversification and its top-notch technology roadmap is key to its success," said a company representative.

Qualcomm announced during its investor day on Tuesday that it anticipates its internet of things business will increase more than four times in sales by 2029, reaching about $22 billion. CEO Cristiano Amon, who became the head of Qualcomm in 2021, committed to expanding the company's focus beyond just smartphone chips.

Qualcomm announced at an investor event in New York on Tuesday that it anticipates earning $8 billion from automotive chip sales and $4 billion from PC chip sales by the fiscal year 2029.

Qualcomm is still a solid choice for semiconductor investments, taking over from Intel as a safer option in IT because of its strong free cash flow, growing dividends, and large share buybacks. Even though there was a slight decline recently, Qualcomm's Q4 earnings exceeded expectations, reporting an EPS of $2.69 and revenue of $10.24 billion. Although Qualcomm's Magic Formula score of 30.9 is lower than in 2023, it still shows good returns on invested capital and earnings yield.