Quantum computing company IonQ (NYSE: IONQ) will be announcing earnings results this Thursday after market hours. Here’s what you need to know.
IonQ beat analysts’ revenue expectations last quarter, reporting revenues of $80.05 million, up 287% year on year. It was a strong quarter for the company, with full-year revenue guidance exceeding analysts’ expectations.
Is IonQ a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting IonQ’s revenue to grow 218% year on year, slowing from the 222% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. IonQ has a history of exceeding Wall Street’s expectations.
Looking at IonQ’s peers in the hardware & infrastructure segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Super Micro delivered year-on-year revenue growth of 298%, beating analysts’ expectations by 18.6%, and Xerox reported a revenue decline of 4.7%, in line with consensus estimates. Xerox traded down 47.3% following the results.
Read our full analysis of Super Micro’s results here and Xerox’s results here.
Investors in the hardware & infrastructure segment have had steady hands going into earnings, with share prices flat over the last month. IonQ is down 31.3% during the same time and is heading into earnings with an average analyst price target of $62.28 (compared to the current share price of $29.60).
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