Rigetti Computing Stock Rebounds Following Revenue Miss and New Partnership

Rigetti Computing, Inc. (NASDAQ: RGTI) shares experienced a notable recovery on Thursday after experiencing a decline on Wednesday, driven by a revenue miss in the fourth quarter.

Understanding the Situation: Rigetti reported that its fourth-quarter revenue totaled $2.3 million, which fell short of the expected $2.5 million projected by analysts, as indicated by Benzinga Pro. Additionally, the company reported an adjusted loss per share of 8 cents, aligning with analyst forecasts.

In the wake of these results, Rigetti announced a strategic collaboration with Quanta Computer, a leading manufacturer of computer servers based in Taiwan. The partnership involves a commitment from both companies to invest over $100 million over the next five years. As part of this collaboration, Quanta is also expected to make a direct investment of $35 million into Rigetti common shares.

CEO Dr. Subodh Kulkarni emphasized that this collaboration aims to enhance both companies' standings in the rapidly evolving quantum computing market. The partnership is designed to leverage their combined skills and expertise to push forward advancements in quantum technology.

Furthermore, Rigetti is set to launch its 84-qubit Ankaa-3 system in December 2024. This new system will be accessible to Rigetti's partners via its Quantum Cloud Services platform, alongside availability for public use through Amazon Bracket and Microsoft Azure.

Current Market Performance: Following these announcements, Rigetti's stock has seen a positive shift, with shares up approximately 4% to $8.51 at this point in trading, according to data from Benzinga Pro.

What’s Next:

• Trade Alterations, Oil Fluctuations: What Influences Markets Today?

Image Created Via Midjourney.

Market News and Data sourced from Benzinga APIs.

stocks, investment, technology