Why Palantir Technologies Stock Dropped in August
Palantir Technologies (NYSE: PLTR) is still growing, but not as fast as investors had hoped. Investors appear to be getting impatient, sending shares of Palantir down 24.5% for the month of August, according to data provided by S&P Global Market Intelligence.
Palantir is a CIA-backed data analytics company that went public in 2020 to much fanfare, with the company forecasting annual revenue growth north of 30% for the foreseeable future. The stock has been volatile in the years since its debut, with investors torn between the long-term promise of the business and the somewhat underwhelming actual results.
Palantir's most recent quarterly results, announced in early August, continued the trend. The company matched earnings expectations on revenue that was up 13% year over year. The company also raised its full-year 2023 revenue view to $2.212 billion, slightly above the $2.21 billion consensus and up 16% from a year ago.
Source Fool.com
