D-Wave Quantum Shares Fall Following Mixed Q3 Earnings Report
D-Wave Quantum (QBTS) shares fell approximately 8.8% following the release of its third-quarter earnings, which missed analyst expectations for profitability. The company reported a loss of $0.13 per share, performing worse than the forecasted $0.10 loss. Despite the miss on earnings, revenue reached $4.5 million, slightly exceeding the anticipated $4.4 million and representing a 21% year-over-year increase. The company's backlog, or remaining performance obligations, saw massive growth of over 1200% to reach $38.3 million, suggesting significant work is lined up for the next two years. However, investors reacted to a slowdown in new bookings during Q3, which grew by only 19%, trailing the company's overall revenue growth rate. While management suggests this may be a timing-related blip, the stock remains highly speculative due to its unprofitability.
Tickers: $QBTS
Topics: backlog earnings miss quantum computing revenue growth