Palantir Technologies (PLTR) on Monday reported June-quarter earnings that missed views while revenue edged by Wall Street targets. PLTR stock tumbled as revenue guidance came in below expectations.
Denver-based Palantir reported second-quarter earnings before the market open. Palantir stock tumbled 14% to 9.85 in morning trading on the stock market today.
In the Palantir earnings report for the three months ending June 30, the software maker said it lost one cent per share on an adjusted basis. Revenue rose 26% to $473 million, the maker of data analytics software said.
Meanwhile, analysts expected Palantir earnings of 3 cents a share on revenue of $469.1 million.
In the June quarter, commercial revenue rose 46% while government revenue climbed 27%, the company said.
PLTR Stock: Revenue Outlook Misses
For the current quarter ending in September, Palantir forecast revenue of $474.5 million at the midpoint of guidance. Analysts polled by FactSet had projected third-quarter revenue of $503 million.
PLTR stock has retreated some 37% in 2022, but had rallied significantly from a low of 6.44 on May 12.
Heading into the Palantir earnings report, the software stock had a Relative Strength Rating of only 25 out of a best-possible 99, according to IBD Stock Checkup.
Government agencies use Palantir software for intelligence gathering, counterterrorism and military purposes. In addition, the software maker aims to expand into the health care, energy and manufacturing sectors.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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