On August 28, D-Wave Quantum Inc. declined 5.39% in regular trading, trading at $16.925/share, with turnover of $58.40 million.
On the news front, the company announced on August 26 that Chief Financial Officer John Markovich will officially retire and resign effective September 2. Senior Vice President of Finance Greg Golkov will succeed him as interim CFO and principal financial and accounting officer. The company stated that Markovich's departure was not the result of any disagreement over business operations, accounting policies, or internal controls.
The management transition compounds pressure from the company's Q2 earnings reported on August 6, which significantly missed expectations. D-Wave posted a loss of $0.13 per share versus the consensus estimate of $0.10 loss, representing a 30% miss. Revenue came in at $3.076 million, falling well short of the $4.025 million estimate. The combination of leadership uncertainty and deteriorating financial performance continues to weigh on investor sentiment.
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