Why D-Wave Quantum Stock Was Plummeting Today
Key Points
Its current CFO has resigned, effective next week.
He's being replaced on an interim basis by the company's senior vice president of finance.
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D-Wave Quantum (NASDAQ: QBTS) stock wasn't looking like the wave of the future near the end of Wednesday's trading session. A surprise C-suite resignation spooked investors, who traded out of the quantum company, sending its shares more than 9% into the red as of late-session trading.
One week's notice
Just after market close on Monday, D-Wave announced that CFO John Markovich is resigning, effective this coming Tuesday, Sept. 2. He will be replaced on an interim basis by Greg Golkov, who currently serves as the quantum company's senior vice president of finance.
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In the press release on the change, D-Wave stressed that the outgoing executive's departure "was not the result of any disagreement with the Company on any matter related to the Company's business, operations, accounting policies, practices, financial statements, disclosure controls and procedures or internal control over financial reporting."
D-Wave credited Markovich with being instrumental in the company's 2022 IPO, and, in its view, putting it on the road to profitability.
The second-quarter stumble
D-Wave didn't mention that Markovich's move came several weeks after the company delivered uninspiring second-quarter results. Although it reported some encouraging metrics, such as a huge leap in bookings to $35.5 million in the first half of the year, it missed badly on consensus analyst revenue and bottom-line estimates.
Anytime a top executive departs unexpectedly, it can be unnerving for shareholders, especially if the company in question operates in a highly speculative field that's starved for profits. D-Wave will have its work cut out to regain investor confidence in the coming months.
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Eric Volkman 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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