IonQ (NYSE:IONQ) stock is jumping on Friday after the company provided investors with a positive outlook for 2023.
According to a new press release from the company, it expects bookings for the year to range from $45 million to $55 million. With a midpoint of $50 million, that represents double the amount of bookings reported in 2022, which was $24.5 million.
IonQ also notes that this update is higher than its previous estimate for 2023 bookings. Before this news, the company was expecting bookings for the year to range from $38 million to $42 million, which had a midpoint of $40 million.
Why Is IonQ Increasing Its Bookings?
IonQ notes that this increase comes shortly after it announced a $28 million commercial deal. This will see it install two future quantum systems in Europe. The company will also benefit from the deal by servicing its European customers out of a joint data center.
While IonQ is increasing bookings, it isn’t updating its revenue for 2023. That’s due to the first quantum system in the deal not being installed until after 2023. However, it will provide an update on its outlook in its upcoming earnings report for the second quarter.
IONQ stock is also seeing heavy trading on Friday alongside its bookings update. That has some 12 million shares changing hands as of this writing — well above its daily average trading volume of about 8.4 million shares.
IONQ stock is up 1.3% as of Friday morning after seeing larger gains in earlier trading.
Investors looking for even more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Friday! A few examples include what’s going on with short sellers, a reverse stock split for Skillz (NYSE:SKLZ) stock and the latest SoFi (NASDAQ:SOFI) stock price prediction. All of that news is ready to go at the links below!
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On the date of publication, William White 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.
