Qualcomm Says ‘Strategy Is Working' After Forecast Disappoints [Yahoo! Finance Canada]
Intel Corporation (INTC)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg “Our strategy is working,” he said Wednesday during a Bloomberg Television interview. “We've executed on what we said we were going to do.” The remarks followed an investor presentation Tuesday where the chipmaker laid out growth targets for new product categories. Qualcomm, the world's biggest seller of smartphone processors, has been pushing deeper into automotive parts and chips for connected devices. That's included a bid to sell processors for personal computers — an area long dominated by Intel Corp. Qualcomm is expecting these new areas to generate an additional $22 billion in annual revenue by fiscal 2029. But the presentation failed to impress investors, who sent the shares down as much as 6.5% to $154 on Wednesday. That was the biggest intraday drop in more than two months. In the interview, Amon said that sales of Qualcomm's PC chips are “exceeding expectations.” The CEO, who took the reins in 2021, is counting on that segment to generate $
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