After U.S. markets closed on Thursday, IonQ reported a wider-than-expected loss per share while posting revenue of $5.52 million, nearly 27% higher than the consensus estimate and more than double the reported revenue in the year-ago quarter. The quantum computing firm makes its systems available through the cloud on Amazon Braket, Microsoft Azure and Google Cloud, as well as through direct API access. The shares traded up more than 15% shortly after Friday’s opening bell.
News Corp posted adjusted earnings per share (EPS) of $0.14, double the expected total, but missed the revenue estimate by about 2.5%. Revenue was down more than 9% year over year and adjusted EPS fell by 62.2% year over year in the company’s fiscal fourth quarter. Shares traded up about 2.2%.
No notable earnings reports are due Friday. A China-based solar module maker and a lithium battery recycler, Jinko Solar and Li-Cycle, are on deck to report quarterly earnings before U.S. markets open on Monday.
After U.S. markets close Monday and before they open on Tuesday, these four firms will be reporting quarterly results.
Canoo
Over the past 12 months, shares of electric vehicle (EV) maker Canoo Inc. (NASDAQ: GOEV) have dropped by almost 58%, and the stock has not traded above $1.00 since February. Shares added more than a third in July, largely due to its delivery of three crew transport vehicles to NASA. Canoo’s quarterly earnings announcement is due late on Monday.
The NASA vehicles represent one of three designs that Canoo builds on the same platform. The others are a lifestyle delivery vehicle and a pickup truck. Canoo said in May that it has received some $2.8 billion in orders and expects to ramp production to 20,000 units by the end of the year. It will need far more cash than it has in order to meet that target, and investors are dubious, to say the least.
Just four brokerages cover the stock, and three of them have a Buy or Strong Buy rating. At a recent price of around $0.50 a share, the upside potential based on a median price target of $1.75 is about 250%. The high price target is $10.00.
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