A banner with the logo of Palantir Technologies (PLTR) is seen at the New York Stock Exchange (NYSE) on the day of its initial public offering (IPO) in Manhattan, New York City, U.S. , September 30, 2020.
Andrew Kelly | Reuters
Palantir reported second-quarter results before the bell on Monday that showed a larger-than-expected loss per share but beat analysts’ revenue expectations.
Shares of Palantir fell 14% in pre-market trading.
Here’s how the company did it:
- Earnings per share: According to Refinitiv, a loss of 1 cent against expected earnings was 3 cents.
- Turnover: $473 million versus $471.3 million expected, according to Refinitiv.
Palantir’s revenue for the quarter grew 26% year-over-year, and its commercial revenue grew 46% year-over-year. The software company, known for its work in partnership with the government, said the number of its commercial customers increased by 250% year-on-year, growing from 34 customers to 119.
Chief Financial Officer David Glazer told CNBC that the company’s failure was due to a drop in investment and stock markets. Glazer said trade growth is spreading.
The company is expected to report revenue of $474 million to $475 million for the third quarter and $1.9 billion to $1.902 billion for the full year.
Glazer said Palantir’s poor leadership is due to the “local” government work, but he believes in the company’s direction.
