IonQ Stock Is Rising Thursday: What's Going On?

IonQ Inc IONQ shares are trading higher Thursday after the company reported third-quarter financial results and raised guidance.

What Happened: IonQ said third-quarter revenue increased 122% year-over-year to $6.1 million, which beat the consensus estimate of $5 million, according to Benzinga Pro. The quantum computing company reported a net loss of 22 cents per share, which missed estimates for a loss of 18 cents per share. 

IonQ reported $26.3 million in new bookings for the third quarter, bringing year-to-date bookings up to $58.4 million. The company ended the quarter with $485.1 million in cash, equivalents and investments. 

"I am pleased to report we have achieved our goal of $100 million in cumulative bookings within the first three years of commercialization, since 2021, and are on track to exceed that goal by the end of 2023," said Peter Chapman, president and CEO of IonQ.

"IonQ's commercial pipeline is bigger and better than ever and our technical momentum, while always arduous, continues to be ahead of schedule."

IonQ expects fourth-quarter revenue to be between $5.3 million and $6.1 million versus estimates of $4.37 million.The company raised its full-year 2023 revenue outlook to a new range of $21.2 million to $22 million versus estimates of $19.14 million. 

IonQ also lifted its bookings outlook for the full year to a range of $60 million to $63 million.

See Also: Plug Power Q3 Earnings Preview: Betting Big On Green Hydrogen Economy

IONQ Price Action: IonQ shares were up 9.64% at $12.51 at the time of writing, according to Benzinga Pro.

Photo: courtesy of IonQ.