Quantum Computing Inc. (QUBT) experienced a significant after-hours plunge of 5.10% on Tuesday, as investors reacted to upcoming earnings expectations and a broader decline in quantum computing stocks. The stock's movement comes ahead of the company's scheduled earnings report and Nvidia's highly anticipated GTC event later this week.
According to an earnings preview, Quantum Computing Inc. is expected to report its results for the quarter ending December 31, 2024, on March 20. While the company is projected to show a 166.7% increase in revenue to $200,000, analysts anticipate a loss of 5 cents per share. This expected loss may have contributed to investor concerns, despite the revenue growth forecast.
Adding to the downward pressure, the quantum computing sector as a whole saw a decline on Tuesday. Several companies in the space, including ARQQ, SEALSQ, IONQ, Rigetti Computing, and D-Wave Quantum, experienced significant drops ranging from 6% to over 8%. This sector-wide retreat comes as the initial buzz around quantum computing appears to be fading ahead of Nvidia's GTC event, where industry leaders are set to discuss the current state and future of quantum computing. The market's reaction suggests a reassessment of the near-term prospects for quantum technology companies, potentially impacting Quantum Computing Inc.'s stock performance.
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