RGTI - Why Rigetti Computing Stock Soared Today
2023-08-11 15:36:07 ET
Shares of Rigetti Computing (NASDAQ: RGTI) were up 43.9% as of 10:30 a.m ET Friday, according to data provided by S&P Global Market Intelligence , after the quantum integrated circuits provider announced strong second-quarter 2023 results.
Rigetti's quarterly revenue climbed 55.9% year over year, to $3.3 million, translating to a net loss of just under $17 million, or $0.13 per share. Analysts on average were expecting a net loss of $0.09 per share, but on lower revenue of $2.75 million.
Rigetti Computing's pop today comes as fellow quantum computing specialist IonQ (NYSE: IONQ) enjoys a similar rally on a technically mixed report; IonQ posted its own wider-than-expected quarterly loss while beating estimates on revenue and raising its bookings outlook late yesterday. It's not terribly surprising to see yet-to-be-profitable quantum computing stocks like Rigetti Computing and IonQ generating wider losses as they grow revenue in their earliest stages -- particularly as they've yet to generate meaningful operating leverage at scale.
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Why Rigetti Computing Stock Soared Today