IonQ Inc. IONQ is scheduled to report first-quarter 2024 results on May 8, after the closing bell. In the last reported quarter, the company reported an earnings surprise of 13.04%. The Maryland-based quantum system provider is expected to witness a top-line expansion year over year, driven by growing demand for quantum computing solutions and product innovation.
Factors at Play
During the quarter, IonQ announced that it has inked a strategic agreement with South Carolina Quantum to accelerate advancement in Quantum technologies and facilitate the integration of quantum capabilities within businesses statewide. In addition to industry collaboration, the company will also partner with academic institutions to craft specialized training materials for quantum technologies. This is likely to have been reflected in the upcoming quarterly results.
In the quarter under review, IonQ achieved the first commercial demonstration of ion-photon entanglement. The key technical milestone laid the foundation to develop future quantum applications and quantum networking solutions. IonQ also unveiled the United States’ inaugural quantum computing manufacturing facility in Washington, bolstering its footprint and commercial prospects in the region.
The company is also collaborating with a Germany based research center, Deutsches Elektronen-Synchrotron to explore the applicability of quantum technology in optimizing airport operations. These developments are expected to have a favorable impact on the first quarter’s financial results.
For the March quarter, the Zacks Consensus Estimate for total revenues is pegged at $7 million, suggesting an increase from the year-ago quarter’s reported figure of $4 million. Per the Zacks Consensus Estimate, the company is estimated to report a net loss of 26 cents. It reported a net loss of 14 cents per share in the year-ago quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for IonQ this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is 0.00%, with both pegged at a loss of 26 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
IonQ, Inc. Price and EPS Surprise
IonQ, Inc. price-eps-surprise | IonQ, Inc. Quote
Zacks Rank: IONQ currently has a Zacks Rank #3.
Stocks to Consider
Here are some companies you may want to consider, as our model shows that these have the right combination of elements to post a beat this season:
NVIDIA Corporation NVDA is set to release quarterly numbers on May 22. It has an Earnings ESP of +2.50% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks, Inc. ANET is set to release quarterly numbers on May 7. It has an Earnings ESP of +3.76% and a Zacks Rank #2.
SolarEdge Technologies SEDG has an Earnings ESP of +2.69% and carries a Zacks Rank of 3. The company is set to report quarterly numbers on May 8.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
