SAN DIEGO - Qualcomm (NASDAQ:QCOM) Incorporated (NASDAQ: QCOM), a semiconductor giant with a market capitalization of $177.6 billion and annual revenue of $39 billion, announced the upcoming transition in its executive team with Dr. Baaziz Achour set to take over as Chief Technology Officer of Qualcomm Technologies, Inc. on February 3, 2025. He will succeed Dr. James Thompson, who is retiring after a 33-year tenure with the company. According to InvestingPro analysis, Qualcomm maintains strong financial health with a robust gross profit margin of 56.2%.
Dr. Achour, who is currently serving as Deputy Chief Technology Officer, will be responsible for leading Qualcomm’s research and development as well as its engineering organizations. His focus will be on maintaining the company's leading position in wireless communications, computing, and AI technologies.
Cristiano Amon, President and CEO of Qualcomm, expressed his anticipation of working with Dr. Achour in his new role and gratitude towards Dr. Thompson for his significant contributions. Amon highlighted Thompson's role in advancing Qualcomm’s wireless technology and expanding its capabilities into various sectors such as Automotive, PC, Industrial, XR, and networking.
Dr. Achour joined Qualcomm in 1993 as a Systems Engineer and has since been a pivotal figure in the development of each generation of wireless technology, including the accelerated launch of 5G. He is expected to lead the company's evolution into 6G. Holding a B.S. in Physics and advanced degrees in Electrical Engineering, Dr. Achour has been granted 24 U.S. patents in wireless communications.
Qualcomm is known for its innovation in intelligent computing and its Snapdragon-branded platforms, which have been integral in transforming major industries and powering consumer experiences. The company has a nearly 40-year history of setting industry standards and creating significant technological breakthroughs.
This leadership change comes as Qualcomm continues to drive digital transformation and enrich lives through its technologies. Based on InvestingPro's Fair Value analysis, the stock currently appears undervalued, suggesting potential upside for investors. The company has demonstrated its commitment to shareholder returns by maintaining dividend payments for 22 consecutive years. The information for this article is based on a press release statement and InvestingPro research, which offers comprehensive analysis through its Pro Research Report, available for over 1,400 US stocks.
In other recent news, Qualcomm has been the subject of several analyst reports and strategic updates. Melius Research initiated coverage on Qualcomm with a Hold rating and a price target of $180, citing a projected slowdown in revenue growth. On the other hand, TD Cowen maintained a Buy rating and a $200 price target, highlighting the company's diversification plans and advancements in artificial intelligence (AI).
Susquehanna also maintained a positive stance on Qualcomm, albeit with a reduced price target of $210, expressing confidence in Qualcomm's transition to a diversified semiconductor player. Cantor Fitzgerald, UBS, and Loop Capital all maintained a Neutral rating on Qualcomm shares, emphasizing the need for revenue diversification and acknowledging challenges in the mobile market.
In terms of financial performance, Qualcomm reported non-GAAP revenues of $10.2 billion and earnings per share of $2.69. The chipset segment contributed $8.7 billion in revenues, while the licensing segment brought in $1.5 billion. Record revenues of $899 million were reported in the automotive market.
Lastly, Qualcomm unveiled a strategy to target a total addressable market of approximately $900 billion by 2030, with significant growth expected in the automotive, IoT, PC, industrial, and extended reality sectors. These are the recent developments from Qualcomm.
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