Why Quantum Computing Stock Jumped 7.3% Today
Key Points
Quantum Computing reported major year-over-year sales growth during its latest quarter.
The Federal Reserve has more data ahead of its December meeting that points to a weak job market.
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Shares of Quantum Computing Inc (NASDAQ: QUBT) jumped on Tuesday, finishing the day up 7.3%. The move came as the S&P 500 and the Nasdaq Composite gained 0.9% and 1.3%, respectively.
The quantum computing company's stock is continuing to gain following its better-than-expected earnings print on Friday. Employment data released today also helped to lift shares.
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Quantum Computing more than triples its sales
On Friday, the company reported third-quarter revenues of $384,000, up from $101,000 during the same period last year. Quantum Computing also managed to shrink its Q3 net loss from $5.7 million last year to $2.4 million this year.
The positive movement on the company's top and bottom lines has been enough to lift shares amid a broader tech sell-off.
Rate cut hopes grow on weak job figures
Helping to sustain momentum from Friday, job data released late yesterday is raising hopes that the Federal Reserve will cut rates once again in December. Low interest rates tend to boost speculative investments.
Image source: Getty Images.
And Quantum Computing stock is an extremely speculative investment; I would not own it. Despite the relatively positive earnings report, the company's nearly $3 billion market capitalization is divorced from reality, in my opinion.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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