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.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).
