Palantir Technologies Inc PLTR shares are trading lower Monday after the company reported worse-than-expected earnings results and issued weak guidance.
Palantir said second-quarter revenue grew 26% year-over-year to $473 million, which beat the estimate of $471.34 million, according to data from Benzinga Pro. U.S. revenue grew 45% year-over-year to $290 million. Commercial revenue was up 46% year-over-year.
The data analytics company reported an adjusted quarterly earnings loss of 1 cent per share, which missed the estimate for earnings of 3 cents per share.
"We are working towards a future where all large institutions in the United States and its allies abroad are running significant segments of their operations, if not their operations as a whole, on Palantir," said Alex Karp, CEO of Palantir.
Palantir expects third-quarter revenue to be between $474 million and $475 million versus the estimate of $506.88 million. Adjusted income from operations is expected to be between $54 million and $55 million.
Full-year revenue is expected to be between $1.9 billion and $1.902 billion.
See Also: What's Next For Palantir?
PLTR Price Action: Palantir has traded between $18.84 and $6.44 over a 52-week period.
The stock was down 13.8% at $9.86 at press time.
Photo: Cory Doctorow from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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