Rigetti Computing's stock price plummeted 6.50% during intraday trading on Tuesday, marking a significant downward move for the quantum computing company.

The sharp decline reflects continued profit-taking pressure following the company's first-quarter earnings release. While Rigetti reported Q1 revenue of $4.4 million, tripling year-over-year and exceeding analyst estimates, its operating losses expanded to $26 million from $22 million a year earlier. The stock had previously surged on the earnings day, and the subsequent selling represents investors locking in gains from that rally.

Furthermore, the downturn was amplified by a broad selloff across the semiconductor sector, with major peers also trading lower. Investor sentiment remains cautious due to uncertainty around Rigetti's near-term profitability, as the commercialization timeline for its key 1,000+ qubit system is still estimated to be three to four years away.