Palantir shares drop more than 13% after earnings
Shares of Palantir fell more than 13% on Thursday morning after the company reported mixed earnings results for the fourth quarter.
Here are the key numbers:
- Earnings per share (EPS): 2 cents, adjusted vs 4 cents estimated, according to a Refinitiv survey of analysts
- Revenue: $433 million vs $418 million estimated, according to Refinitiv
Palantir said it expects $443 million in revenue in Q1, while analysts had been expecting about $439 million, according to Refinitiv. It continues to expect annual revenue growth of 30% or more through 2025.
It reported a net loss of $156.19 million in the quarter, greater than the $148.34 million net loss it saw in Q4 2020.
The software company, known for its work with government agencies, said it grew government revenue 26% year-over-year and added 34 net new customers in Q4.
It also said it closed 64 deals in the quarter of $1 million or more, including 27 of which were at least $5 million and 19 of which were at least $10 million.
Palantir expanded its commercial business throughout 2021, growing commercial revenue 34% year-over-year to $645 million. U.S. commercial revenue alone grew 102% year-over-year while increasing U.S. commercial customer count 4.7x to 80 customers.
Government revenue grew 47% to $897 million in 2021.
WATCH: Palantir CFO describes the seven-year journey to bring the company public
- The Benefits of Meal Prepping for Busy Moms - October 28, 2023
- The 11 Best Cash ETFs in Canada (Plus HISA ETFs and Money Market ETFs) - October 8, 2023
- Build a Variety of Outfits with These 7 Affordable Pieces - October 7, 2023