Quantum computing company IonQ (NYSE:IONQ) will be reporting results this Wednesday afternoon. Here’s what investors should know.
IonQ beat analysts’ revenue expectations last quarter, reporting revenues of $61.89 million, up 429% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.
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 557% year on year, improving from its flat revenue in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to 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 Q1 results, giving us a hint as to what we can expect. Diebold Nixdorf delivered year-on-year revenue growth of 5.6%, beating analysts’ expectations by 3.5%, and Xerox reported revenues up 26.7%, topping estimates by 6.6%. Diebold Nixdorf traded down 6.1% following the results while Xerox was up 70.7%.
Read our full analysis of Diebold Nixdorf’s results here and Xerox’s results here.
There has been positive sentiment among investors in the it services & other tech segment, with share prices up 8.7% on average over the last month. IonQ is up 57.3% during the same time and is heading into earnings with an average analyst price target of $65.27 (compared to the current share price of $46.01).
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