Technology

Palantir shares fall more than 10% following earnings report

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A banner featuring 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 City, U.S., September 30, 2020.
Andrew Kelly | Reuters

Palantir reported second-quarter results before the bell Monday that showed a greater loss per share than anticipated but beat analysts’ revenue expectations.

Shares of Palantir fell 14% in premarket trading.

Here’s how the company did:

  • Earnings per share: Loss of 1 cent vs. earnings of 3 cents expected, according to Refinitiv.
  • Revenue: $473 million vs. $471.3 million expected, according to Refinitiv.

Palantir’s revenue for the quarter increased 26% year-over-year, and its commercial revenue grew 46% year-over-year. The software company, which is known for its work with the government, said its commercial customer count increased 250% year-over-year, growing from 34 customers to 119.

CFO David Glazer told CNBC that the company’s miss was due to a decline in investments and marketable securities. Glazer said commercial growth is widespread.

The company expects to report revenue between $474 million and $475 million in its third quarter, and between $1.9 billion and $1.902 billion for the full year.

Glazer said Palantir’s weak guidance is due to the “lumpiness” of government work, but that he is confident in the company’s pipeline.

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