What happened
Shares of IonQ (IONQ -0.56%) were up 17.1% as of 10:30 a.m. ET Friday, according to data provided by S&P Global Market Intelligence, after the quantum computing specialist announced strong second-quarter results and raised its full-year bookings outlook.
Quarterly revenue climbed 111% year over year to $5.5 million, well above the high end of its guidance range of $4.1 million to $4.5 million provided in May. That translated to a net loss of $43.7 million, or $0.22 per share, under generally accepted accounting principles (GAAP). Adjusted for a $15.5 million noncash loss related to a change in fair value of warrant liabilities, IonQ's net loss would have been closer $0.14 per share.
Analysts on average were expecting a slightly narrower net loss of $0.13 per share on revenue of $4.9 million.
So what
To be fair, the budding quantum computing leader noted its top-line beat was aided by progress for a single customer contract taking place earlier than expected, which shifted some revenue forward into the second quarter.
More exciting, however, was that IonQ achieved $28 million in new bookings for the second quarter, representing the vast majority of its $32.2 million in total bookings so far in 2023.
CEO Peter Chapman added, "Our track record of success is beginning to speak for itself in the public markets, and we are relentlessly focused on bringing broad quantum advantage to all our customers."
Now what
IonQ also raised its outlook for 2023 to call for revenue of $18.9 million to $19.3 million (compared to $18.8 million to $19.2 million previously), and bookings between $49 million and $56 million (an increase from the range of $45 million to $55 million provided in June).
In the end, IonQ remains in its earliest stages as it works to expand the accessibility of its quantum platforms. But after raising its outlook for the second time since June, it's hardly surprising to see the stock extending its already incredible year-to-date gains.
