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Rigetti Computing's stock rose 18% despite Q1 revenue drop, after a competitor's big deal and analyst boost.
Rigetti Computing's stock surged 18% on Wednesday following a major quantum computing deal by competitor Quantinuum and an analyst's price target increase.
Quantinuum, partly owned by Honeywell, is forming a joint venture with Qatar to develop quantum computing capabilities, with plans for a $1 billion investment.
Despite Rigetti's Q1 earnings showing a 52% drop in revenue to $1.47 million, they reported a net profit of $42.6 million, largely due to a non-cash gain.
The company is expanding its quantum computing offerings and was selected for a DARPA initiative.
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Las acciones de Rigetti Computing subieron un 18% a pesar de la caída de los ingresos del primer trimestre, después de un gran acuerdo de un competidor y el impulso de los analistas.