D-Wave Quantum Inc. (QBTS) shares plummeted 8.18% during Friday's intraday trading session, extending a multi-day decline that has erased over 17% of the stock's value.

The selloff was triggered by the company's first-quarter earnings report, which revealed a severe revenue shortfall. While D-Wave beat EPS expectations by 44%, its revenue of $2.858 million represented a 61% year-over-year plunge and missed analyst estimates by a significant margin.

Following the mixed results, multiple analysts lowered their price targets on D-Wave Quantum, further pressuring investor sentiment. Despite management highlighting record bookings and a backlog of $42.4 million in remaining performance obligations, the disconnect between strong order momentum and near-term revenue conversion continues to fuel bearish concerns among investors.