Palantir Technologies opened 20% down on Monday: this is why
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Wajeeh Khan
on
May 9, 2022
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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