Quantum computing company IonQ (NYSE:IONQ) will be reporting earnings this Wednesday afternoon. Here’s what to expect.
IonQ beat analysts’ revenue expectations last quarter, reporting revenues of $64.67 million, up 755% year on year. It was a very strong quarter for the company, with revenue guidance for next quarter exceeding analysts’ expectations.
Is IonQ a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting IonQ’s revenue to grow 221% year on year, improving from the 81.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. IonQ has a history of exceeding Wall Street’s expectations.
Looking at IonQ’s peers in the it services & other tech segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Xerox delivered year-on-year revenue growth of 22%, beating analysts’ expectations by 1.2%, and Diebold Nixdorf reported revenues up 1.4%, falling short of estimates by 0.6%. Xerox traded up 16.7% following the results while Diebold Nixdorf was down 21.5%.
Read our full analysis of Xerox’s results here and Diebold Nixdorf’s results here.
There has been positive sentiment among investors in the it services & other tech segment, with share prices up 5.3% on average over the last month. IonQ is down 19.1% during the same time and is heading into earnings with an average analyst price target of $67.02 (compared to the current share price of $39.58).
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