Quantum stocks grabbed the attention of investors and analysts last week as second-quarter earnings reports came in.
Here's a look at what happened in the quantum computing sector.
D-Wave Quantum
Last Thursday, D-Wave Quantum Inc (NYSE:QBTS) reported second-quarter revenue of $3.1 million, beating analyst estimates of $2.63 million, but missed top-line expectation with a larger than expected loss per share.
Following the print, Needham analyst N. Quinn Bolton reiterated a Buy rating on D-Wave Quantum with a $20 price target.
Bolton pointed to the company's recent equity raises that have put D-Wave on its strongest cash footing ever, enabling the company to accelerate quantum technology development and expand its workforce and manufacturing capacity.
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IonQ
IonQ, Inc. (NASDAQ:IONQ) shares fell after the company missed the Street's top-line estimates for the second quarter last week.
The company reported a quarterly loss of 70 cents per share, missing estimates for a loss of 27 cents per share, but beat on revenue with $20.69 million for the quarter.
IonQ also raised its full-year revenue guidance from a range of $75 million to $95 million to a new range of $82 million to $100 million versus estimates of $84.26 million.
Quantum Computing
Quantum Computing, Inc. (NASDAQ:QUBT) shares gained nearly 9% last week after the company announced the U.S. Department of Commerce had awarded it a contract for the design and fabrication of thin-film lithium niobate (TFLN) photonic integrated circuits (PICs).
QCi also announced a chip order from a Fortune 500 science and technology company that provides advanced solutions across defense, intelligence, civil and commercial markets.
“QCi is proud to deliver advanced photonic solutions to market through our commercial foundry. Additionally, we’re pleased to add a leading Fortune 500 defense and technology contractor to our growing list of commercial customers, reinforcing the broad applicability of our TFLN platform," said Dr. Milan Begliarbekov, COO of QCi.
Rigetti
Rigetti is set to report its second-quarter financial results after Tuesday's closing bell and will host a conference call to discuss the results and at 5:00 p.m. ET the same day.
Analysts expect the company to report losses of four cents per share and quarterly revenue of $1.88 million, according to estimates from Benzinga Pro.
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