On August 7, Rigetti Computing fell 5.3% in after-hours trading, trading at $15.72/share, with turnover of $15.3455 million.

On the news front, the company reported Q2 adjusted EPS of -$0.05, meeting consensus estimates and representing a 61.54% improvement from -$0.13 in the year-ago period. However, revenue came in at $5.1 million, narrowly missing the $5.15 million consensus estimate. Despite revenue growing approximately 175% year-over-year and losses narrowing significantly, the slight top-line shortfall triggered profit-taking among investors.

The stock had previously rallied on multiple positive catalysts, including a $5 million National Science Foundation grant and a partnership with Hewlett Packard Enterprise and Pittsburgh Supercomputing Center to build the TangleLab hybrid quantum-classical supercomputing testbed, with construction expected to begin in September. Benchmark had also highlighted Rigetti as a key name in the quantum computing space. With the earnings report failing to exceed expectations after this run-up, short-term selling pressure emerged.

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