Rigetti Computing's stock plummeted 11.07% during Tuesday's intraday session, marking a sharp reversal from earlier gains. The quantum computing company had reported first-quarter revenue that tripled year-over-year and exceeded analyst expectations.

Despite the strong top-line performance, the stock fell as the company posted a wider-than-expected adjusted loss for the quarter. Operating losses expanded to $26 million from $22 million a year earlier, reflecting continued heavy investment in research and development. Additionally, Mizuho Securities cut its price target on Rigetti to $27 from $33, contributing to negative sentiment.

The decline also reflects profit-taking after the stock's nearly 40% rally over the past month, coupled with broader weakness in the technology sector. While Rigetti's launch of its 108-qubit Cepheus system on major cloud platforms represents progress, investors focused on the company's persistent losses and shifted focus from "headline milestones" to achieving commercial quantum advantage.