Why D-Wave Quantum Stock Gained This Week
Key Points
D-Wave's Q4 results missed Wall Street's targets, but investors were comforted by forward guidance.
A stronger-than-expected quarterly report from another quantum player helped bolster bullish sentiment for the industry.
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D-Wave Quantum (NYSE: QBTS) stock managed to close out last week's trading solidly in the green despite a significant pullback in Friday's session. The company's share price ended the stretch up 4%. Meanwhile, the S&P 500 fell 0.4% in the week, and the Nasdaq Composite fell 1%.
D-Wave Quantum stock saw gains in the lead-up to its fourth-quarter report. The stock also initially saw gains following its Q4 report, but sell-offs gained steam after the release.
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D-Wave's Q4 results missed the mark, but investors looked to the future
D-Wave published its Q4 report before the market opened on Feb. 26 and reported sales and earnings for the period that fell short of Wall Street's targets. The business reported a non-GAAP (adjusted) loss of $0.09 per share on revenue of $2.8 million, missing Wall Street's target for a per-share loss of $0.06 on sales of roughly $3.7 million.
While the Q4 results came in softer than expected, D-Wave's guidance for stronger growth in the second half of this year helped support bullish sentiment for the stock. D-Wave's valuation may have also gotten some support from IonQ's quarterly results, which came in far better than anticipated and helped promote buying for quantum stocks.
What's next for D-Wave?
D-Wave grew revenue at a roughly 19% annual rate in the fourth quarter. While it's reasonable to expect that the company's sales growth will be somewhat uneven given the rapidly evolving nature of the quantum-computing industry, investors could adopt more cautious positioning until it's clear that the business's revenue is poised for a rapid and dependable ramp. With geopolitical volatility seemingly poised to play a significant role in shaping market moves over the next month, D-Wave and other quantum stocks could be poised for significant pricing swings.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.
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