There are several major changes happening with Rigetti Computing (NASDAQ:RGTI). That has RGTI stock investors buying up shares today. Among these changes are a round of Rigetti Computing layoffs, a shakeup at the executive level and revisions to the company’s technology road map.
Rigetti Computing is a full-stack quantum-computing company. Its claim to fame is that Rigetti “developed the industry’s first multi-chip quantum processor for scalable quantum computing systems.”
In a press release, Rigetti gave financial traders a lot of news to absorb. First of all, the company is updating its technology road map. As CEO Subodh Kulkarni explains, this means the firm will concentrate on delivering its Ankaa-1 84-qubit system this quarter. Kulkarni also expects the company to “prioritize increasing the performance of the anticipated Ankaa-1 84-qubit system once it is launched” and “focus efforts to achieve narrow quantum advantage.”
Clearly, Rigetti Computing’s technical team will be quite busy in 2023. With that in mind, let’s see how the market reacted to the company’s recent press release.
Rigetti Computing Layoffs Catalyze RGTI Stock
Interestingly, RGTI stock is popping more than 8% so far today. Shares have also managed to stay above the crucial $1 level.
Investors aren’t only reacting to Rigetti Computing’s new technical road map. They’re also weighing a C-suite shakeup. Reportedly, Jeffrey Bertelsen will replace Brian Sereda as CFO. David Rivas will also replace Mike Harburn as Rigetti’s Chief Technology Officer.
What probably got RGTI stock moving the most this morning, however, was news of Rigetti Computing layoffs. The company plans to reduce its staff by around 28%. Rigetti is doing so in order to lower its operating expenses and to “preserve available cash resources.”
There may be more news coming in March, when the company announces its fourth-quarter and full-year 2022 results. Until then, though, RGTI stock traders have a lot of news to consider as the company makes some important changes.
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On the date of publication, David Moadel did not hold (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.