A banner featuring the Palantir Technologies (PLTR) logo is seen at the New York Stock Exchange (NYSE) on September 30, 2020, the day of its initial public offering (IPO) in Manhattan, New York City, USA.
Andrew Kelly | Reuters
Palantir reported second-quarter results before Monday’s bell, showing a loss per share compared to earnings expectations, but the company beat analysts’ earnings expectations.
Palantir shares fell 14% in premarket trading.
Here’s how the company did it:
- Earnings per share: Refinitiv expects a 1-cent loss and a 3-cent gain.
- Earnings: Refinitiv said $473 million, versus an estimate of $471.3 million.
Palantir’s quarterly revenue increased 26% year-over-year, while commercial revenue increased 46%. The software company, known for working with governments, said the number of commercial customers increased 250% year-on-year, from 34 to 119 he said.
CFO David Glazer told CNBC that the company’s failure was due to a decline in investments and marketable securities. Commercial growth has been far-reaching, according to Glazer.
In a letter to shareholders, CEO Alexander Karp said he believes the company’s most important growth is yet to come.
“We believe the strength and momentum we are seeing with our US customers reflects the sophistication and maturity of our software platform, which will continue to lead to increasingly broad adoption across the sector,” he said.
Palantir expects revenues of $474 million to $475 million in the third quarter and $1.9 billion to $1.92 billion for the full year.
Glazer said Palantir’s weak guidance was due to the government’s “cohesion” of work, but he is confident in the company’s pipeline.
Palantir remains focused on the long term, Karp said in the letter.
“We are working toward a future where all large institutions in the United States and their allies abroad run significant parts, if not all, of their operations with Palantir,” he said. said.
Correction: Palantir’s second quarter earnings were expected to be 3 cents per share. Previous versions incorrectly described the forecast.