D-Wave reported a 19% year-on-year increase in revenue to $2.8 million, below Wall Street’s estimates of $3.74 million, according to Fiscal.ai data.
Shares of D-Wave Quantum Inc (QBTS) gave up most of their initial gains to trade 1% higher in pre-market on Wednesday, after the company reported fourth-quarter revenue growth that fell short of Wall Street expectations.
D-Wave reported a 19% year-on-year increase in revenue to $2.8 million, but this came significantly below Wall Street’s estimates of $3.74 million, according to Fiscal.ai data.
While net loss narrowed to $42.3 million, from a loss of $86.1 million last year, adjusted net loss widened to $31.8 million, or $0.09 per share, from a loss of $17.8 million. Analysts on average expected a loss of $0.06 per share.
Bookings fell 27% to $13.4 million, down from last year’s $18.3 million, which included a major quantum computer system sale.
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