Rigetti Stock Sinks After Q1 Revenues Miss Estimates: Details

Rigetti Computing, Inc. RGTI released its first-quarter results after Monday's closing bell. Here's a look at the details of the report. 

The Details: Rigetti reported quarterly earnings of 13 cents per share, which beat the analyst consensus estimate of losses of six cents. Quarterly revenue came in at $1.47 million, which missed the analyst consensus estimate of $2.55 million and is down from revenue of $3.05 million from the same period last year.

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“Rigetti is proud to be awarded important government-funded projects in the U.S. and U.K. to advance our technology, which demonstrates our continued leadership in superconducting quantum computing,” says Rigetti CEO Dr. Subodh Kulkarni.

“We also are making great strides in developing innovative approaches to scaling to higher qubit count systems, which is possible due to our open and modular system architecture, in-house full-stack expertise, and world-class partners,” Kulkarni added.

RGTI Price Action: According to data from Benzinga Pro, Rigetti stock was down 11.43% at $10.23 after hours Monday.  

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