Qualcomm's Push Into Auto Chips Is On Track to Beat Sales Targets, CEO Amon Says - Yahoo Finance

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(Bloomberg) -- Qualcomm Inc.’s push into automotive chips is on course to beat sales projections, Chief Executive Officer Cristiano Amon said, helping the company decrease its reliance on mobile-phone electronics.

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The chipmaker, the top seller of processors for smartphones, has said that it will have about $4 billion of sales from its auto unit by 2026 — with the revenue rising to $9 billion by the end of the decade.

“I think we’re ahead of those targets,” Amon said in a Bloomberg Television interview at the CES technology show in Las Vegas.

Diversifying revenue sources has been a key part of Amon’s tenure as CEO since he took over the post in June 2021. The company is selling more chips for handling driving and entertainment functions in vehicles, as well as processors for everything from personal computers to headsets. The hope is to maintain growth as the smartphone market matures.

Qualcomm shares gained as much as 1.4% to $140.95 on Tuesday. They had risen 32% last year.