Qualcomm Inc. outlined financial targets on Wednesday, projecting $40 billion in non-handset revenue by fiscal year 2029. The company's chief financial officer stated that revenue and earnings per share will grow at a faster pace in the future.

The chipmaker said its data center business will generate billions of dollars in revenue during fiscal year 2027. Qualcomm also expects to reach $10 billion in automotive revenue by fiscal year 2029.

The projections indicate the company's push to expand beyond its traditional smartphone chip business into other technology sectors.