Palantir Technologies opened 20% down on Monday: this is why

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Palantir Technologies opened 20% down on Monday: this is why

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By:

Wajeeh Khan

on
May 9, 2022

Palantir Technologies profit comes in shy of Wall Street estimates in Q1.

The software company gave concerning guidance for the future.

Palantir Technologies stock opened roughly 20% down on Monday.

Palantir Technologies Inc (NYSE: PLTR) opened nearly 20% down on Monday after the software company reported weak Q1 results and offered disappointing guidance for the future.

Key takeaways from Palantir Q1 results

Lost $101.4 million in the first quarter that translates to 5 cents a share.In Q1 last year, Palantir recorded $123.5 million in loss or 7 cents a share.On an adjusted basis, per-share earnings stood at 2 cents per share.Revenue jumped 31% to $446.4 million, as per the earnings press release.FactSet consensus was for 4 cents of adjusted EPS on $443 million in revenue.Commercial and government revenue was up 54% and 16%, respectively.Customer count in the recent quarter went up 86% on a year-over-year basis.

Last week, Palantir Technologies was selected for a $90 million, 5-year HHS contract vehicle.


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Palantir Technologies’ future outlook

For the current fiscal quarter, Palantir Technologies forecasts $470 million in revenue versus analysts at $484 million. It expects adjusted operating margin this year to stand at 27%. In the earnings press release, the Denver-headquartered company said:

There is a wide range of potential upside to our guidance, including those driven by our role in responding to developing geopolitical events.

The stock is now down nearly 60% for the year.

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