D-Wave Quantum Inc. (NYSE:QBTS) shares are trading higher Thursday. The company released its third-quarter financial results before the market open. Here's what you need to know.

What To Know: Quantum computing company D-Wave reported a third-quarter loss of 11 cents per share, versus estimates for a loss of 10 cents per share. The company also reported revenue of $1.87 million, missing estimates of $2.53 million, according to Benzinga Pro.

Revenue was down 27% year-over-year, primarily due to lower professional services revenue. QCaaS (Quantum Computing as a Service) revenue increased by 41% to $1.6 million, but overall bookings fell 22%.

The company reaffirmed guidance for improved 2024 adjusted EBITDA losses, versus last year's loss of $54.3 million. D-Wave also said it anticipates a quarter-over-quarter increase in revenue and bookings in the fourth quarter.

Highlights from the quarter include plans to work with Japan's largest mobile phone operator to improve network performance, a collaboration with Japan Tobacco on drug discovery using quantum and AI and the completed calibration of a 4,400 qubit Advantage2 processor.

"Annealing quantum computing is continuing to drive the commercial adoption of quantum technology," said Alan Baratz, CEO of D-Wave.

"Organizations around the world – from Vinci Energies in Europe to NTT DOCOMO in Japan – are recognizing the value our technology can bring right now in fueling new discoveries, facilitating operational excellence and driving measurable outcomes."

QBTS Price Action: D-Wave Quantum shares initially fell when earnings were released, but the stock was up 12.7% at $2.01 at the time of writing, according to Benzinga Pro.

• Ben Horowitz: 'The Biden Regulators Lied About Crypto'

Image Via Shutterstock.