Why IonQ Shares Are Soaring

IonQ Inc. ($IONQ@US), trading as IONQ on the New York Stock Exchange, is significantly higher after the company announced third-quarter financial results and raised full-year 2021 bookings guidance.
IonQ reported a quarterly earnings loss of 12 cents per share, which came in below the estimate for a loss of 7 cents per share. The company reported quarterly revenue of $233,000, below the $250,000 that was estimated. However, IonQ raised its full-year bookings guidance from $15 million to $15.8 million. Peter Chapman, president, and CEO of IonQ, said that "IonQ delivered a number of significant milestones this quarter, delivering upon our technology roadmap and accelerating the commercialization of our quantum computers. We look forward to 2022 with confidence as we continue to build out IonQ’s ecosystem, demonstrate our superior scalability and efficiency, and solve useful problems for our worldwide customer base.” IonQ is a leader in quantum computing, with a track record of innovation and deployment. IonQ is the only maker of quantum hardware that is available through every major cloud provider in the United States, which includes Amazon ($AMZN@US), Amazon Web Services, Microsoft ($MSFT@US), and Alphabet Inc's ($GOOGL@US) Google Cloud. IonQ’s new chip for its quantum processing unit is designed to allow an increase in the number of qubits in its system while maintaining stability. IonQ believes this advance could allow it to scale to hundreds of qubits on a single chip, up from the dozens on its current chips. The stock was up 29.80% at $25.72.