Shares of D-Wave Quantum Inc. (NYSE: QBTS) climbed over 18% after the company reported mixed results in its fourth-quarter 2024 earnings report. Revenue of $2.3 million beat expectations of $2.2 million. However, negative earnings per share of eight cents was worse than the negative six cents analysts were expecting.
[content-module:CompanyOverview|NYSE:QBTS]The reason for the stock’s surge came the day before earnings as D-Wave Quantum announced that it had achieved “quantum supremacy” versus traditional computers. The company’s Advantage2 system, with its quantum annealing chip, solved a magnetic materials simulation problem related to materials discovery in 20 minutes. According to D-Wave, it would take one of the world’s most powerful supercomputers nearly one million years to solve the same problem.
