Why Arqit Quantum Stock Dived by Nearly 18% Today
Arqit Quantum (NASDAQ: ARQQ) stock couldn't get over the hump of Hump Day. The next-generation computing specialist's share price tumbled by almost 18% on Wednesday, no thanks to the disclosure of a regulatory investigation and an annual earnings report that was not warmly welcomed by investors.
Arqit, which concentrates on the rather niche field of quantum-safe encryption, booked $20 million in revenue for its fiscal 2022, well up from the $48,000 in the same period last year, although it must be mentioned that the company only started earning revenue in the second half of its fiscal 2021.
As for the bottom line, Arqit's non-IFRS (adjusted) loss before was $52.3 million, notably steeper than the $15.6 million deficit of fiscal 2021.
Source Fool.com
