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The Zacks Consensus Estimate for revenues is currently pegged at $3.53 million, suggesting an increase of 6.01% from the year-ago quarter’s reported figure.
For the quarter under review, the consensus mark for earnings is pegged at a loss of 8 cents per share, increased by a couple of pennies in the past 30 days.
Let’s see how things have shaped up prior to this announcement.
RGTI’s focus on developing high-fidelity Quantum Processor Units (QPUs) and expanding its market presence through partnerships and new customer acquisitions, particularly in government and international markets, is expected to have driven growth in the to-be-reported quarter.
Rigetti achieved a 99.3% median 2-qubit gate fidelity on their 9-qubit Ankaa class quantum system in first-quarter 2024. This improvement in quantum processor performance is expected to be a significant step toward the deployment of the 84-qubit Ankaa 3 system by the end of the year. This advancement is expected to have enhanced Rigetti’s reputation and capabilities in the quantum computing industry.
Continued growth in non-premises QPU sales, exemplified by the delivery of a Novera QPU to Horizon Quantum Computing in Singapore, is expected to have benefited Rigetti in the to-be-reported quarter. The installation of this system by early 2025 will mark the company’s first presence in Singapore, potentially opening new markets and customer bases in Asia.
The launch of the Novera QPU Partnership Program, which aims to support on-premises quantum ecosystems, is expected to have driven growth. The program’s goal of enabling high performing on-premises quantum computing through an ecosystem of hardware, software and service providers will likely attract more partners and customers, boosting Rigetti’s market presence and revenue streams.
The ongoing project to develop and deliver a 24-qubit quantum computing system to the UK’s National Quantum Computing Centre, despite its lower gross margin, is expected to have contributed to revenue growth. Continued engagement with government projects positions Rigetti as a key player in governmental quantum computing initiatives.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Rigetti Computing has an Earnings ESP of -25.00% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
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Rigetti Computing (RGTI) to Post Q2 Earnings: What's in Store?
Rigetti Computing (RGTI - Free Report) is set to report second-quarter 2024 results on Aug 8.
The Zacks Consensus Estimate for revenues is currently pegged at $3.53 million, suggesting an increase of 6.01% from the year-ago quarter’s reported figure.
For the quarter under review, the consensus mark for earnings is pegged at a loss of 8 cents per share, increased by a couple of pennies in the past 30 days.
Let’s see how things have shaped up prior to this announcement.
Rigetti Computing, Inc. Price and EPS Surprise
Rigetti Computing, Inc. price-eps-surprise | Rigetti Computing, Inc. Quote
Key Factors to Consider
RGTI’s focus on developing high-fidelity Quantum Processor Units (QPUs) and expanding its market presence through partnerships and new customer acquisitions, particularly in government and international markets, is expected to have driven growth in the to-be-reported quarter.
Rigetti achieved a 99.3% median 2-qubit gate fidelity on their 9-qubit Ankaa class quantum system in first-quarter 2024. This improvement in quantum processor performance is expected to be a significant step toward the deployment of the 84-qubit Ankaa 3 system by the end of the year. This advancement is expected to have enhanced Rigetti’s reputation and capabilities in the quantum computing industry.
Continued growth in non-premises QPU sales, exemplified by the delivery of a Novera QPU to Horizon Quantum Computing in Singapore, is expected to have benefited Rigetti in the to-be-reported quarter. The installation of this system by early 2025 will mark the company’s first presence in Singapore, potentially opening new markets and customer bases in Asia.
The launch of the Novera QPU Partnership Program, which aims to support on-premises quantum ecosystems, is expected to have driven growth. The program’s goal of enabling high performing on-premises quantum computing through an ecosystem of hardware, software and service providers will likely attract more partners and customers, boosting Rigetti’s market presence and revenue streams.
The ongoing project to develop and deliver a 24-qubit quantum computing system to the UK’s National Quantum Computing Centre, despite its lower gross margin, is expected to have contributed to revenue growth. Continued engagement with government projects positions Rigetti as a key player in governmental quantum computing initiatives.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Rigetti Computing has an Earnings ESP of -25.00% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Brinker International (EAT - Free Report) has an Earnings ESP of +8.02% and a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Brinker International’s shares have increased 36.9% year to date. EAT is set to report fourth-quarter fiscal 2024 results on Aug 8.
DigitalOcean (DOCN - Free Report) has an Earnings ESP of +2.19% and a Zacks Rank of #1 at present.
DigitalOcean’s shares have declined 25.7% year to date. DOCN is set to report its second-quarter 2024 results on Aug 8.
Affirm (AFRM - Free Report) has an Earnings ESP of +19.64% and a Zacks Rank #2 at present.
Affirm’s shares have plunged 50% year to date. Affirm is scheduled to release fourth-quarter fiscal 2024 results on Aug 28.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.