IonQ, Inc. (NYSE:IONQ) shares are trading higher Friday. The company reported mixed second-quarter financial results on Thursday.
What To Know:
IonQ reported quarterly revenue of $5.5 million, beating the analyst consensus estimate of $4.35 million and representing 111% growth compared to $2.6 million from the same quarter last year. The company also reported a second-quarter loss of 22 cents per share, missing analyst estimates of a loss of 13 cents per share.
“This was another landmark quarter for IonQ, most notably with a record-setting $28 million in bookings, bringing the total to over $32 million in the first half,” said Peter Chapman, CEO of IonQ.
“We are now well on our way to our revised, higher bookings expectations of $49 million to $56 million for the year. We are also within striking range of our goal of $100 million in cumulative bookings within the first three years of IonQ’s commercialization, starting in 2021.”
Craig-Hallum analyst Richard Shannon maintained IonQ with a Buy and raised the price target from $12 to $21 on Friday.
IONQ is moving higher on heavy trading volume. According to data from Benzinga Pro, more than 18.5 million shares have been traded in the session, compared to the stock’s 100-day average of just over 12 million shares.
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IONQ Price Action: According to Benzinga Pro, IonQ shares are trading up over 22% at $17.42 at the time of publication.
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