Why Palantir Stock Plunged Today
Shares of Palantir (NYSE: PLTR) are down 8.7% as of 10:40 a.m. EDT Tuesday despite a solid second-quarter report and raised forward guidance from the data analytics leader.
More specifically, Palantir's revenue climbed 13% year over year (YOY), to $533.3 million, above its own guidance for a range of $528 million to $532 million, but also technically slightly below analysts' consensus estimates for $533.9 million. On the bottom line, that translated to a generally accepted accounting principles (GAAP) net income of $0.01 per share (the company's third straight quarter of GAAP profitability) and adjusted (non-GAAP) earnings of $0.05 per share -- roughly in line with Wall Street's expectations.
Delving deeper into Palantir's results, commercial segment revenue climbed 10% YOY to $232 million, led by 20% growth in the United States (to $103 million). Government revenue rose 15% to $302 million, including a 31% bump in international government revenue to $76 million. Palantir's customer count climbed 8% sequentially from last quarter and 38% YOY, including a 35% increase in U.S. commercial customers to 161.
Source Fool.com
