IonQ Stock Is Surging Today: Here's Why

IonQ Inc IONQ shares are trading higher Tuesday after the company reported better-than-expected top-line results. 

IonQ reported second-quarter revenue of $2.6 million, which was up from $93,000 year-over-year. The company's quarterly revenue number beat average analyst estimates of $2.39 million, according to Benzinga Pro.

IonQ reported a second-quarter net loss of $1.7 million. The company ended the quarter with $571.3 million in cash and equivalents.

"I am excited to announce that we are bringing to the cloud a computer that is over 130,000 times more computationally powerful than our previous cloud offering, as defined by the useful computational space," said Peter Chapman, president and CEO of IonQ.

"IonQ Aria has achieved a record-breaking 23 algorithmic qubits, representing an 8x increase in Aria's power and further cementing its lead as the most powerful known quantum computer in the world."

IonQ said Aria will become available to all users of Microsoft Corp's MSFT Azure Quantum beginning on Wednesday.

See Also: Microsoft Up 20% Since July - Is It Time To Buy?

IonQ said it expects third-quarter revenue to be between $2.6 million and $2.9 million. The company reiterated its full-year revenue guidance of $10.2 million to $10.7 million.

Following the company's results, Goldman Sachs analyst Toshiya Hari maintained IonQ with a Neutral rating and raised the price target from $8 to $9.

IONQ Price Action: IonQ has a 52-week high of $17.86 and a 52-week low of $4.16.

The stock was up 24.1% at $7.89 at time of publication.

Photo: courtesy of IonQ.