Palantir Posts Dismal Q2 Performance, FY22 Outlook Lags Expectations

Palantir Posts Dismal Q2 Performance, FY22 Outlook Lags Expectations
  • Palantir Technologies Inc PLTR reported second-quarter FY22 revenue growth of 26% year-on-year to $473 million, beating the consensus of $471.3 million.
  • Revenue Drivers: Commercial revenue grew 46% Y/Y. U.S. commercial revenue rose 120% Y/Y. Palantir customer count grew 86% Y/Y. Government revenue grew 27% Y/Y.
  • Margins: The adjusted operating margin contracted 800 bps to 23% as adjusted operating income declined 7.6% Y/Y. 
  • Palantir held $2.4 billion in cash and equivalents and generated $62 million in operating cash flow.
  • EPS loss of $(0.01) missed the consensus of $0.03. 
  • Outlook: Palantir sees Q3 revenue of $474 million - $475 million, below the consensus of $506.9 million. 
  • Palantir sees FY22 revenue of $1.900 billion - $1.902 billion, below the consensus of $1.96 billion.
  • Price Action: PLTR shares traded lower by 13.8% at $9.87 in the premarket on the last check Monday.

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