Qualcomm expects $12 billion in revenue from autos, PC chips in five years

(Reuters) – Qualcomm (NASDAQ:QCOM) expects $8 billion in automotive chip revenue and $4 billion in PC chip sales by fiscal 2029, it said at an investor event held in New York on Tuesday.

San Diego, California-based Qualcomm is the world’s top supplier of mobile phone chips that connect handsets to mobile data networks. It makes money off both the chips themselves and also licensing fees for its portfolio of 5G and other wireless technologies.

The company has been working to diversify its offerings, winning deals with companies including General Motors (NYSE:GM) to supply chips for the dashboards and driver-assistance systems in vehicles, and collaborating closely with Microsoft (NASDAQ:MSFT) and PC makers to compete against Intel (NASDAQ:INTC) and Advanced Micro Devices (NASDAQ:AMD) in the laptop market.