IonQ (IONQ) stock is down 8% after the quantum computing company reported mixed financial results for the year’s second quarter.
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IonQ reported a loss of $0.70, which was worse than a loss of $0.18 a year earlier. Revenue in Q2 of this year rose 82% to $20.7 million. Analysts had forecast a loss of $0.29 on revenue of $17.2 million for the latest quarter.
In terms of guidance, IonQ said that for the current third quarter, it expects revenue of $27 million versus estimates of $25.5 million. Alongside its financial results, the company announced that it will purchase Oxford Ionics for $1.075 billion, continuing an acquisition spree that has been ongoing for several months.
IonQ’s income statement. Source: Main Street Data
Government Targets
IonQ’s quantum computing technology works on a subatomic level and uses cutting-edge technologies such as super-cold superconductor microchips. Many analysts see quantum computing as the future given its ability to solve problems too complex for today’s traditional computers.
The company has been on an acquisition spree as it looks to grow from quantum computing into building quantum key distribution (QKD) networks, with an eye on U.S. government business. IONQ stock has declined 1% this year.
Is IONQ Stock a Buy?
The stock of IonQ has a consensus Strong Buy rating among seven Wall Street analysts. That rating is based on six Buy and one Hold recommendations issued in the last three months. The average IONQ price target of $49.77 implies 19.34% upside from current levels. These ratings could change after the company’s financial results.
