The market is fascinated with artificial intelligence. Just imagine if you had bought AI stocks two years ago; that would have been a brilliant move. While you can’t go back in time, you may have an opportunity to invest in the “next AI” with IonQ (NYSE:IONQ) stock.
Just to recap, IonQ specializes in advancing quantum-computing technology. You don’t have to be a computing aficionado to appreciate IonQ’s hyper-growth potential. But of course, you need to do your due diligence before buying any stock, so let’s see what IonQ’s been up to lately.
IonQ Makes a Historic Move
IonQ is always making waves in the quantum computing space. For instance, the company recently created a “quantum state which allows future quantum systems to communicate and transfer information between each other.” Furthermore, IonQ just renewed its research alliance with Sungkyunkwan University in South Korea.
Along with all of that, here’s a real headline grabber, courtesy of IonQ. Reportedly, the company announced the opening of the first quantum computing manufacturing facility in the U.S. More specifically, the facility is in Seattle and “will manufacture quantum computers that are replicable and deployable in customers’ data centers.”
IonQ’s history-making opening of this quantum computing manufacturing facility has the full support of Washington State U.S. Sen. Maria Cantwell. Quantum computing “can help us create new drugs and fight disease, turbocharge clean energy alternatives, and improve food production,” Cantwell declared.
IonQ’s Impressive Revenue Growth
Turning to the financial side of the equation, IonQ recently showed that quantum computing can be a lucrative business. But don’t just take my word for it – as always, the proof is in the data.
So, here’s the deal with the data. In 2023’s fourth quarter, IonQ generated $6.106 million in revenue. That’s up 60% year over year compared to the $3.807 million from the year-earlier quarter.
According to TheFly, the consensus estimate called for quarterly revenue of $5.8 million, so this counts as a top-line beat for IonQ.
What about the current quarter, though? IonQ’s guidance calls for revenue of $6.5 million and $7.5 million. This implies revenue growth compared to 2023’s fourth quarter, and the consensus current-quarter forecast is for $6.6 million in revenue.
As you can see, the midpoint of IonQ’s guidance range ($7 million) is higher than that.
IONQ Stock: $20 Is a Reasonable Objective
Clearly, IonQ is on the cutting edge of quantum-computing technology. IonQ’s revenue growth suggests that there’s a strong demand for quantum-computing products and services.
You can position yourself today for the “next AI” with an investment in IonQ. IONQ stock has reached $20 before, and it should get there again sooner or later.
Patience, along with a belief in the hyper-growth possibilities of quantum computing, will unlock great wealth for IonQ’s long-term shareholders.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
