Rigetti Computing (RGTI) shares slumped 10% Tuesday, a day after the provider of quantum computing services' sales sank and its profit came from an accounting gain.

The company reported first-quarter revenue plunged 52% year-over-year to $1.5 million. Rigetti did post earnings per share of $0.13, compared to a $0.14 loss the previous year. However, net income of $42.6 million included $62.1 million in "non-cash gains from the change in fair value of derivative warrant and earn-out liabilities."

According to a transcript provided by AlphaSense, CFO Jeffrey Bertelsen told analysts on the earnings call Monday that "lower 澳洲幸运5官方开奖结果体彩网:gross margins on a year-over-year basis were due to ongoing revenues from our contract with the UK's NQCC to deliver a 24-qubit quantum system, which has a lower gross margin profile than most of our other revenue."

澳洲幸运5官方开奖结果体彩网:Operational expenses🍷 increased 22% to $22.1 million as costs for compensation and taxes rose.

Shares of Rigetti Computing have lost about a third of their value this year.