Quantum computing stocks were in focus Thursday after Rigetti Computing (NASDAQ:RGTI) posted weaker-than-expected fourth-quarter results.
Despite missing estimates, Rigetti shares erased early losses and rose 8.5% as of 13:08 ET, trading at $8.535, up 4.34% on the day. The company reported a 32.8% year-over-year drop in revenue to $2.27 million and a loss of $0.68 per share, significantly wider than the expected $0.09 loss. Operating expenses stood at $19.5 million, while the company ended the quarter with $217.2 million in cash.
Wall Street analysts reacted positively to Rigetti's outlook. Needham said the company's 2025 roadmap remains on track, while TD Cowen noted that Rigetti's cash position should sustain operations through 2027, easing investor concerns.
Other quantum computing stocks saw movement following the report, including IonQ (NYSE:IONQ), Quantum Computing (NASDAQ:QUBT), D-Wave Quantum (NYSE:QBTS), and Arqit Quantum (NASDAQ:ARQQ).
The sector has seen increased interest since Google (NASDAQ:GOOG) unveiled its Willow quantum computing chip in December, with Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) also rolling out quantum-focused developments.
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