Key Points
Advanced Micro Devices currently generates substantially higher revenue due to its massive scale, while IonQ is expanding rapidly from a much smaller baseline.
Both companies have seen their quarter-over-quarter revenue generally increase over the last eight periods, with AMD showing steady expansion and IonQ exhibiting high volatility followed by recent acceleration.
Investors should watch whether the extreme revenue gap between the two companies begins to narrow as the smaller company attempts to sustain its recent growth streak.
IonQ: Accelerating Revenue From a Small Base
IonQ (NYSE:IONQ) primarily generates revenue by developing general-purpose quantum computing systems and providing access through various cloud services.
The company finalized its acquisition of SkyWater Technology and introduced new earth monitoring capabilities, while it reported a gross margin of 24% for the quarter ended March 31, 2026.
Advanced Micro Devices: Steady Revenue Expansion
Advanced Micro Devices (NASDAQ:AMD) primarily earns revenue by developing microprocessors, graphics processing units, and embedded processors for various computers.
It entered a capacity agreement with Core Scientific and introduced new processing hardware. It recorded a net income margin of 14% for the quarter ended March 28, 2026.
Why Revenue Matters for Retail Investors
Revenue serves as a fundamental measure of how much money a business brings in from its core operations before deducting any expenses. This metric helps investors measure a company’s overall size, market footprint, and long-term trajectory.
Quarterly Revenue for IonQ and Advanced Micro Devices
| Quarter (Period End) | IonQ Revenue | Advanced Micro Devices Revenue |
|---|---|---|
| Q2 2024 | $11.4 million (period ended June 2024) | $5.8 billion (period ended June 2024) |
| Q3 2024 | $12.4 million (period ended Sept. 2024) | $6.8 billion (period ended Sept. 2024) |
| Q4 2024 | $11.7 million (period ended Dec. 2024) | $7.7 billion (period ended Dec. 2024) |
| Q1 2025 | $7.6 million (period ended March 2025) | $7.4 billion (period ended March 2025) |
| Q2 2025 | $20.7 million (period ended June 2025) | $7.7 billion (period ended June 2025) |
| Q3 2025 | $39.9 million (period ended Sept. 2025) | $9.2 billion (period ended Sept. 2025) |
| Q4 2025 | $61.9 million (period ended Dec. 2025) | $10.3 billion (period ended Dec. 2025) |
| Q1 2026 | $64.7 million (period ended March 2026) | $10.3 billion (period ended March 2026) |
Data source: Company filings. Data as of July 31, 2026.
Foolish Take
A look at Advanced Micro Devices and IonQ is a comparison between the booming artificial intelligence sector and the nascent quantum computing industry. AMD’s far larger revenue demonstrates the size and scale of the market it’s operating in compared to IonQ.
That said, the quantum computer market holds substantial potential for outsized growth in the coming years because of the potent computational capabilities delivered by the technology. This is illustrated in IonQ’s massive triple-digit revenue growth. Its first-quarter sales of $64.7 million represented an impressive 755% year-over-year increase.
AMD’s revenue of $10.3 billion in its fiscal Q1 ended March 28 was a much smaller 38% jump from the prior year’s $7.4 billion, but the semiconductor giant operates in a more mature market with heavy competition. Still, AMD’s strength as a stock investment is revealed in its fiscal Q1 operating income of $1.5 billion. Contrast this with IonQ’s operating loss of $271.5 million, a result of the heavy investments made to drive forward quantum computing’s cutting-edge tech.
With that kind of substantial loss in operations, IonQ will need to continue its trend of strong year-over-year sales growth to justify its high valuation, as seen in its price-to-sales ratio of 62 compared to AMD’s far more reasonable sales multiple of 21.
Robert Izquierdo has positions in Advanced Micro Devices and IonQ. The Motley Fool has positions in and recommends Advanced Micro Devices and IonQ. The Motley Fool has a disclosure policy.