Why IonQ Stock Is Rising After Hours

Shares of quantum computing company IonQ Inc IONQ are trading higher in Thursday's after-hours session after the company raised its booking expectations for the year.

What Happened: IonQ increased its 2023 bookings expectations by 25% to a new range of $45 million to $55 million, representing an increase of more than 100% year-over-year at the midpoint. 

The company said it raised its guidance after it recorded a $28 million commercial transaction in which the company will install two future quantum systems in Europe.

IonQ doesn't expect to deliver the first quantum system in Europe until after 2023, therefore, it's not increasing its expectations for recognized revenue in 2023.

"IonQ continues to demonstrate strong business momentum, and our ability to double bookings year-over-year in FY23 will be yet another important milestone," said Thomas Kramer, CFO of IonQ.

"We are thrilled to further our progress towards commercialization through our continued expansion in Europe."

See Also: Amazon Will Be 'Prominent Player In AI,' Josh Brown Says As AWS Launches Generative AI Innovation Center

IONQ Price Action: IonQ shares were up 7.37% at $10.13 at the time of publication, according to Benzinga Pro.

Photo: courtesy of IonQ.