Rigetti Computing Inc Down 9.49% To $0.95 After Earnings Miss

Rigetti Computing Inc (RGTI) missed earnings estimates for Q3 2023 this afternoon.

Wall Street earnings per share (EPS) projections for Rigetti Computing Inc were at a loss of $0.12 per share. The company missed those estimates with an EPS loss of $0.17 per share. The loss of $0.17 per share (which represents a -42% EPS surprise) led to the company's profits falling 6% compared to last year when the firm reported an EPS loss of $0.16 per share. The decline in Rigetti Computing Inc's annual growth rate represents how the business isn't performing well amid current economic conditions.

Consensus analyst estimates were at $3.4 million. The Technology company missed on those expectations for its third quarter with revenue of $3.1 million, a negative revenue surprise of $295 thousand (9%). The firm managed 11% growth year-over-year due to Rigetti Computing Inc reporting quarterly revenue of $2.8 million in its year-ago quarter. Rigetti Computing Inc achieved a lower earnings growth rate than revenue, signaling that the business has not been able to improve its profit margin.

The stock is down 9.49% to $0.95 after the report.

Rigetti Computing Inc's revenue expanded at a faster pace than earnings, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 60. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Rigetti Computing Inc is engaged in the business of full-stack quantum computing. Its proprietary quantum-classical infrastructure provides ultra-low latency integration with public and private clouds for high-performance practical quantum computing. The company has developed the industry's first multi-chip quantum processor for scalable quantum computing systems. Geographically, it derives a majority of its revenue from the United States.