10 Firms Drenched in Red Today

7. Rigetti Computing, Inc. (NASDAQ:RGTI)

Rigetti Computing dropped for a second day on Wednesday, losing 8.05 percent to close at $10.96 apiece as investors continued to take profits following its retest of the $12 level earlier this week.

In recent news, the company reported a 52-percent decline in revenues for the first quarter of the year, at $1.47 million versus the $3.05 million registered in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.

Total operating expenses grew by 22 percent to $22.07 million from $18.08 million in the same comparable period.

Earlier this year, Rigetti Computing, Inc. (NASDAQ:RGTI) announced a number of projects from the US and UK governments, reflecting its stronghold in the quantum computing sector. This includes its participation in DARPA’s Quantum Benchmarking Initiative, grant of AFOSR award to further develop breakthrough chip fabrication technology, as well as three Innovate UK Quantum Mission pilot awards to advance superconducting quantum computing.