- Shares of Palantir plunged Monday.
- The software company issued a weaker-than-expected revenue outlook.
- It also missed on earnings.
Shares of Palantir closed down more than 21% on Monday after the company issued a weaker-than-expected revenue outlook and missed on the bottom line in its first-quarter results.
Here are the key numbers:
- Earnings per share (EPS): 2 cents adjusted vs 4 cents expected, according to a Refinitiv survey of analysts
- Revenue: $446 million vs $443 million expected, per Refinitiv
Get top local stories in Southern California delivered to you every morning. Sign up for NBC LA's News Headlines newsletter.
Palantir said it expects $470 million in revenue in the current quarter, which is below analyst expectations of $483.7 million, per FactSet. The software company, known for its work with the government, said there is a "wide range of potential upside" to its guidance "including those driven by our role in responding to developing geopolitical events."
The company's shares were down around 21% to $7.50 in morning trading.
It reported a net loss of $101.38 million for the first quarter, an improvement from the $156.19 million in the fourth quarter of 2021.
Money Report
For full year 2022, it continues to expect an adjusted operating margin of 27%. It also anticipates annual revenue growth of 30% or greater through 2025.
Revenue for the quarter increased 31% year over year to $446 million. Commercial revenue for the period was up 54% compared with the same quarter a year ago, while government revenue gained 16%. The company's customer count grew 86% year over year.
