Quantum Computing Stocks Fall; Rigetti Computing Drops 12%; D-Wave Quantum down 5%; QUBT down 3%
Quantum computing stocks fell in premarket trading on Tuesday.
Rigetti Computing fell 12%; D-Wave Quantum fell 5%; QUBT fell 3%; IONQ fell 2%; QMCO fell 1%.
Rigetti Computing shares fell after the quantum computing maker reported first-quarter results.
For the period ending March 31, Rigetti said it had $22.1M in operating expenses for the period, as revenue came in at $1.47M. Analysts had expected $2.56M in revenue.
“Rigetti is proud to be awarded important government-funded projects in the U.S. and U.K. to advance our technology, which demonstrates our continued leadership in superconducting quantum computing,” says Rigetti CEO Dr. Subodh Kulkarni in a statement. “We also are making great strides in developing innovative approaches to scaling to higher qubit count systems, which is possible due to our open and modular system architecture, in-house full-stack expertise, and world-class partners.”
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