Quantum Computing Stock Falls as Firm’s Loss Soars | Global News Avenue

Quantum computing (Qubt) The high-tech company reported an expansion in the fourth quarter’s losses on Friday the second day of producing photons and quantum optics.

Earlier this weekQBTS), Announce Its quantum machines outperform current supercomputers on certain tasks.

After Thursday’s bell, quantum computing’s net loss was $0.47 per share, more than five times the loss per share last year. Revenue fell 17% year-on-year to $62,000.

The company said the larger losses were mainly due to the costs associated with the merger with Qphoton in June 2022. Additionally, operating expenses increased by 35% to $8.9 million on “stock-based compensation”, including stock-based compensation, and increased depreciation expenses for production equipment installed on the company’s TFLN Chip.”

Quantum computing stocks fell 14% as the market opened on Friday, but lost losses, down 2% about 30 minutes after the opening clock. They have lost about three-quarters of their value since reaching an all-time high in December.