Palantir plunges 21% on weak revenue guidance, earnings miss
Palantir said there is a "wide range of potential upside" to its guidance "including those driven by our role in responding to developing geopolitical events."
AbJimroe
Palantir Technologies CEO Alex Karp arrives at the "Tech for Good" Summit in Paris, France May 15, 2019.
Charles Platiau | Reuters
Shares of Palantir plunged more than 21% Monday after the company issued a weaker-than-expected revenue outlook and missed on the bottom line in its first-quarter results.
Here are the key numbers:
Earnings per share (EPS): 2 cents adj. vs 4 cents expected, according to a Refinitiv survey of analystsRevenue: $446 million vs $443 million expected, per RefinitivPalantir said it expects $470 million in revenue in the current quarter, which is below analyst expectations of $483.7 million, per FactSet. The software company, known for its work with the government, said there is a "wide range of potential upside" to its guidance "including those driven by our role in responding to developing geopolitical events."
It reported a net loss of $101.38 million for the quarter, an improvement from the $156.19 million of the fourth quarter of 2021.
For the full year 2022, it continues to expect an adjusted operating margin of 27%. It also anticipates annual revenue growth of 30% or greater through 2025.
Revenue for the quarter increased 31% year-over-year to $446 million. Commercial revenue for the period was up 54% compared to the same quarter a year ago, while government revenue gained 16%. The company's customer count grew 86% year over year.
