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Palantir Technologies (PLTR) on Monday reported March-quarter earnings that missed views while revenue edged by Wall Street targets. PLTR stock plunged as revenue guidance came in below expectations amid slowing government growth.
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Denver-based Palantir reported first-quarter earnings before the market open. Palantir stock plunged 19% to near 7.67 in morning trading on the stock market today.
Palantir earnings for the three months ending March were 2 cents per share on an adjusted basis. Revenue rose 31% to $446 million, the maker of data analytics software said.
Meanwhile, analysts expected Palantir earnings of 4 cents a share on revenue of $443.4 million.
In the March quarter, commercial revenue rose 54% to $204.5 million, topping estimates of $193 million. But government revenue climbed 16% to $241.7 million, missing estimates of $251 million
PLTR Stock: Revenue Outlook Misses
For the current quarter ending in June, Palantir forecast revenue of $470 million. Analysts polled by FactSet had projected second-quarter revenue of $483.7 million.
PLTR stock had retreated 46% in 2022 heading into the earnings report.
Palantir stock had a Relative Strength Rating of only 4 out of a best-possible 99, according to IBD Stock Checkup.
Government agencies use Palantir software for intelligence gathering, counterterrorism and military purposes. In addition, the software maker aims to expand into the health care, energy and manufacturing sectors.
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Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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