IonQ Stock Is Trading Lower After Hours: What's Going On?

IonQ Inc IONQ shares are trading lower in Thursday's after-hours session after the quantum computing company reported first-quarter financial results.

What Happened: IonQ reported first-quarter revenue of $4.29 million, which beat estimates of $3.79 million, according to Benzinga Pro. The company said it saw $4.1 million in new bookings during the quarter.

IonQ reported a net loss of $27.3 million and an adjusted EBITDA loss of $15.9 million. The company ended the quarter with cash, equivalents and investments of $525.5 million. 

"IonQ is off to a strong start this year – technically, operationally, and financially. Most importantly, we met our FY23 technical target of 29 algorithmic qubits (#AQ) seven months earlier than expected," said Peter Chapman, president and CEO of IonQ.

IonQ expects second-quarter revenue to be between $4.1 million and $4.5 million. The company sees full-year 2023 revenue in a range of $18.8 million to $19.2 million versus estimates of $18.57 million. Full-year bookings are supposed to be between $38 million and $42 million.

See Also: Bank Stocks Were Volatile Thursday: What Happened?

IONQ Price Action: IonQ has a 52-week high of $8.60 and a 52-week low of $3.04.

The stock was down 12.1% at $6.17 at the time of writing, according to Benzinga Pro.

Photo: courtesy of IonQ.