Quantum-computing specialist IonQ’s share price has surged 34.6% after posting its third-quarter results, beating analysts’ expectations for sales and announcing a major new acquisition. The company reported a loss of $0.24 per share on revenue of $12.4 million, with sales up 103% year over year and $63.5 million in new bookings.
IonQ’s partnership with Ansys to bring quantum computing to the CAE industry is also seen as a significant development. The company announced it is on track to acquire Qubitekk, expected to close in six months and improve its positioning in quantum networking hardware and security. IonQ now guides for revenue between $38.5 million and $42.5 million, with bookings projected at $75-95 million.
While investors should approach the stock with caution due to its growth-dependent valuation and speculative outlook, encouraging progress from IonQ suggests potential returns for those who buy shares at today’s prices. The company’s uncertain performance outlook adds uncertainty to its future prospects, but its quantum-computing innovations could drive significant value if successful.
Source: https://www.fool.com/investing/2024/11/07/why-ionq-stock-is-skyrocketing-today