September 26, 2023
London, UK

Palantir (PLTR) Third Quarter Earnings

PLTR Palantir

Palantir Technologies Inc. (PLTR) reported third-quarter earnings, which ended September 30th. The earnings came lower than estimates while the revenue came slightly better than the analyst’s expectations.

The earnings per share came at $0.01 below the analyst’s expectations of $0.02.

The revenue rose by 21.9% to $477.78 million topping the Wall Street consensus estimate of $470, which was the slowest growth since it went public in 2020. In the third quarter of 2021, Palantir Technologies posted revenue of $392.1 million. analysts were looking for revenue of $474.7 million.

Revenue in the U.S. increased 31% to $297 million.

U.S. commercial revenue was up 53% from a year before,

U.S. government revenue was 23% higher than the previous year.

The Customer count grew 66%.

US commercial customer count increased 124% year over year, from 59 clients to 132.

Total Palantir Technologies contract value closed of $1.3B.

Total US contract value closed of $1.1B.

PLTR has $2.48 billion in cash and no debt.

Palantir Guidance

Palantir now forecasts between $503 million and $505 million in revenue during the Q4, lower than expectations of $507 million. The revenue growth would be only 17% which is a warning to investors. The company estimates a $5 million forex impact in the last quarter. Palantir sees adjusted income from operations of $78M to $80M

For the full year, the company forecasts, revenue between $1.900 billion to $1.902 billion, the analyst’s expectation was 1.9 billion. The company also raised the guidance for adjusted income from operations for 2022 from $341-$343 million to $384-$386 million.

PLTR Stock

Palantir finished today’s trading session down 11.48% lower at $7.02. The market capitalization now stands at $16.37 billion. The stock’s 52-week trading range is between $6.44 to $27.11. Palantir’s stock price hit an all-time high of $45 on January 27, 2021. The stock has lost 61% since the beginning of the year and is down 73% in the last 12 months.

Morgan Stanley set a price target for PLTR of $10.00 on October 20, 2022.

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