PLTR stock slips as Palantir misses estimates, revenue outlook slight

PLTR stock slips as Palantir misses estimates, revenue outlook slight

Palantir Technologies ( PLTR ) on Monday reported September quarter earnings that missed projections while revenue topped Wall Street targets. PLTR stock fell as fourth-quarter revenue guidance fell short of expectations amid the impact of foreign exchange rates.




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Denver-based Palantir reported second-quarter earnings before the market opened. Palantir stock fell 7.2% to 7.35 in morning trading today. PLTR stock fell 8.2% last week amid a sharp sell-off in several software names.

In Palantir’s earnings report for the quarter ended Sept. 30, the software maker said it earned one cent per share on an adjusted basis.

Revenue also rose 22 percent to $478 million, the data analytics software maker said.

Meanwhile, analysts were expecting Palantir earnings of 2 cents a share on revenue of $474.7 million.

PLTR Stock: Increase in Government Revenue

In the September quarter, commercial revenue rose 53 percent, while public revenue rose 23 percent, the company said.

For the current quarter ended in December, Palantir forecast revenue of $504 million at the midpoint of guidance. The company said exchange rates would reduce revenue by about $5 million.

Analysts polled by FactSet had forecast third-quarter revenue of $506.8 million.

PLTR stock is down about 56% in 2022, according to IBD Stock Check-up.

Palantir stock: SPACs boost revenue

Heading into Palantir’s earnings report, the software stock had a relative strength score of just 25 out of a possible 99.

Government agencies use Palantir software for intelligence gathering, counterterrorism and military purposes. In addition, the software maker aims to expand into the healthcare, energy and manufacturing sectors.

To raise revenue, Palantir had invested in special purpose buyout companies, or SPACs. SPACs raise money in an initial public offering for the purpose of acquiring a company or companies.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cyber security and cloud computing.

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