D-Wave (QBTS) Falls 8.9% on Dismal Q3

We recently published 10 Stocks Suffer Heavy Selling Pressure. D-Wave Quantum Inc. (NYSE:QBTS) is one of the worst-performing stocks on Wednesday.

D-Wave fell for a third day on Wednesday, shedding 8.93 percent to close at $26.40 apiece as investors continued to unload portfolios amid a disappointing earnings performance in the past quarter.

In its latest earnings release, D-Wave Quantum Inc. (NYSE:QBTS) said it widened its net loss by 516 percent to $140 million from $22.7 million in the same period last year, primarily due to $121.9 million in non-cash, non-operating charges related to the remeasurement of its warrant liability, coupled with realized losses from warrant exercises.

Revenues, on the other hand, soared by 98 percent to $3.7 billion from $1.87 billion year-on-year.

“Our strong third quarter results reflect the momentum we see building across every aspect of our business, with key metrics, including revenue, gross profit, bookings and cash balance, clearly indicating D-Wave’s success in accelerating global quantum computing adoption,” said D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz.

“The world is watching quantum, and specifically D-Wave, as we deliver quantum computing’s value to businesses, researchers and governments now, while advancing the technology for even greater impact and scale in the future,” he added.

While we acknowledge the risk and potential of QBTS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than QBTS and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.