Massive Sell-Offs Just Hit These 10 Stocks Today

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

Rigetti Computing snapped a three-day winning streak on Tuesday, losing 14.59 percent to finish at $9.86 apiece following a significant drop in its topline figures in the first three months of the year.

In a statement, Rigetti Computing, Inc. (NASDAQ:RGTI) said revenues fell by 52 percent to $1.47 million from $3.05 million 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 also 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) 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.