Palantir reported second-quarter results before the bell on Monday, which showed a loss per share compared with profit forecasts, but the company beat analysts’ expectations for revenue.
Palantir shares closed down 14% on Monday.
Here’s how the company did it:
- Earnings per share: Loss of 1 cent versus expected gain of 3 cents, according to Refinitiv.
- Income: $473 million versus $471.3 million expected, according to Refinitiv.
Palantir’s revenue for the quarter was up 26% year-over-year, and its commercial revenue was up 46%. The software company, which is known for working with the government, said its number of commercial customers grew by 250% year-on-year, from 34 customers to 119.
CFO David Glazer told CNBC that the company’s failure was due to a decline in investment and marketable securities. Glazer said commercial development is widespread.
A banner with the logo of Palantir Technologies (PLTR) is seen at the New York Stock Exchange (NYSE) on the day of their initial public offering (IPO) in Manhattan, New York, U.S., September 30, 2020.
Andrew Kelly | Reuters
In a letter to shareholders, CEO Alexander Karp said he believes the company’s most significant growth is yet to come.
“The strength and momentum we’re seeing with our customers in the United States is a reflection of the refinement and maturation of our software platforms, which we believe will continue to drive increasingly widespread adoption across the board,” he said.
Palantir expects to report revenue between $474 million and $475 million for the third quarter and between $1.9 billion and $1.902 billion for the full year.
Glazer said Paladin’s weak guidance is due to the “awkwardness” of government work, but that he is confident about the company’s pipeline.
Palantir remains focused on the long term, Karp said in the letter.
“We are working toward a future where all major institutions in the United States and their allies abroad run significant portions of their operations, if not all, at Palantir,” he said.
Correction: Expectations were for Palantir to report Q2 earnings of 3 cents per share. An earlier version incorrectly referenced the forecast.
Palantir (PLTR) Q2 2022 Earnings
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