Why Palantir Stock Crashed Today
Palantir Technologies (NYSE: PLTR) plunged 21% on Monday after the data analytics company's first-quarter earnings and guidance fell short of investors' expectations.
The software provider's revenue rose 31% year over year to $446 million. The gains were fueled by an 86% jump in Palantir's customer count, to 277. Those customers also spent more on Palantir's platform, as evidenced by its net dollar retention rate of 124%.
Yet while Palantir's commercial revenue surged 54%, to $205 million -- including an impressive 136% increase in the U.S. -- its larger government business saw revenue rise by only 16%, to $241 million. That was a surprise to investors, as the company was widely believed to see significantly higher demand for its government- and defense-focused data services due to the war in Ukraine.
Source Fool.com
