Shares of Rigetti Computing (RGTI) plummeted 6.82% during intraday trading on Tuesday, following the quantum computing firm's disappointing third-quarter financial results. The significant drop comes as investors reassess the company's near-term growth prospects in light of weaker-than-expected revenue figures.

According to the company's latest financial report, Rigetti Computing posted third-quarter revenue of $1.95 million, falling short of analysts' estimates of $2.17 million. This revenue miss has raised concerns among investors about the company's ability to maintain its growth trajectory in the highly competitive quantum computing sector. Despite the revenue shortfall, Rigetti managed to narrow its losses, reporting a smaller-than-expected adjusted loss of 3 cents per share, compared to analysts' forecasts of a 4-cent loss per share.

The sharp decline in Rigetti's stock price is particularly noteworthy given its impressive performance over the past year. Prior to this report, shares had surged by approximately 2,000% in the preceding 12 months, making it one of the foremost pure-play quantum computing companies in the market. This recent stumble may prompt investors to reassess the company's valuation and growth trajectory, especially as the quantum computing industry continues to evolve rapidly. As Rigetti faces increased scrutiny, the company will need to address concerns about its revenue growth to regain investor confidence in the coming quarters.