IonQ Stock Is Falling Following 'Landmark Quarter': What's Going On?

IonQ Inc IONQ shares are trading lower in Thursday's after-hours session on the heels of the company's second-quarter results. Here's a rundown of the report and a look at what's driving the action.

What Happened: IonQ said second-quarter revenue increased 111% year-over-year to $5.5 million, which beat the consensus estimate of $4.35 million, according to Benzinga Pro. The company reported a quarterly loss of 22 cents per share, which missed analyst estimates for a loss of 13 cents per share.

IonQ said it achieved $28 million in new bookings in the second quarter. The company ended the quarter with $509.2 million in cash, equivalents and investments. 

"This was another landmark quarter for IonQ, most notably with a record-setting $28 million in bookings, bringing the total to over $32 million in the first half," said Peter Chapman, president and CEO of IonQ.

"We are now well on our way to our revised, higher bookings expectations of $49 million to $56 million for the year."

IonQ said it expects third-quarter revenue to be between $4.8 million and $5.2 million. The company raised its full-year revenue outlook to a range of $18.9 million to $19.3 million.

IonQ also lifted its full-year 2023 bookings expectations to a range of $49 million to $56 million, as it is "seeing increased demand" for its systems.

IonQ shares were up approximately 315% since the start of the year heading into the print, so expectations were likely elevated. Elevated expectations combined with the earnings miss appear to be driving shares lower after the bell. 

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

See Also: What's Going On With QuantumScape (QS) Stock

IONQ Price Action: IonQ shares were down 1.90% after hours at $13.92 at the time of publication, according to Benzinga Pro.

Photo: courtesy of IonQ.