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“Euro-Q-Exa" quantum computer
A quantum computer, apparently (Sven Hoppe/Getty Images)

Rigetti Computing posts Q4 sales that fall short of expectations

Needham and Benchmark cut their price targets on Rigetti following Q4 results.

Luke Kawa

Rigetti Computing didn’t have a high revenue bar to hit, and still came up short in Q4.

The quantum computing company reported:

  • Revenue of $1.87 million (estimate: $2.37 million).

  • An adjusted loss per share of $0.06 (estimate: a $0.04 loss).

Shares are tanking more than 9% in early trading on Thursday.

Benchmark analyst David Williams, who rates the stock a buy, lowered his price target to $35 from $40 following these results, writing that “the company’s conservative cadence and messaging may remain a hurdle for some investors.”

Compared to peers D-Wave Quantum and IonQ, Rigetti is in the biggest drawdown relative to its October peak, off 68% heading into this report.

The quantum computing space has come under significant pressure as investors have soured on capital-intensive emergent technology stocks.

Needham analyst Quinn Bolton, who rates Rigetti a buy as well, also cut his price target on the shares to $31 from $51 “to reflect recent multiple compression in the quantum sector.”

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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