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Palantir (PLTR) earnings Q2 2022

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Palantir reported second-quarter results before the bell Monday that showed a loss per share compared with projections for earnings, but the corporate beat analysts’ revenue expectations.

Shares of Palantir closed down 14% on Monday.

Here’s how the corporate did:

  • Earnings per share: Lack of 1 cent vs. earnings of three cents expected, in line with Refinitiv.
  • Revenue: $473 million vs. $471.3 million expected, in line with Refinitiv.

Palantir’s revenue for the quarter increased 26% 12 months over 12 months, and its industrial revenue grew 46%. The software company, which is understood for its work with the federal government, said its industrial customer count increased 250% 12 months over 12 months, growing from 34 customers to 119.

CFO David Glazer told CNBC the corporate’s miss was as a consequence of a decline in investments and marketable securities. Glazer said industrial growth is widespread.

A banner featuring the emblem of Palantir Technologies (PLTR) is seen on the Recent York Stock Exchange (NYSE) on the day of their initial public offering (IPO) in Manhattan, Recent York City, U.S., September 30, 2020.

Andrew Kelly | Reuters

In a letter to shareholders, CEO Alexander Karp said he believes the corporate’s most important growth is yet to return.

“The strength and momentum we’re seeing with our customers in the USA is a mirrored image of the refinement and maturation of our software platforms, which we imagine will proceed resulting in increasingly broad adoption across sectors,” he said.

Palantir expects to report revenue between $474 million and $475 million for its third quarter, and between $1.9 billion and $1.902 billion for the total 12 months.

Glazer said Palantir’s weak guidance is as a consequence of the “lumpiness” of presidency work, but that he’s confident in the corporate’s pipeline.

Palantir stays focused on the long run, Karp said within the letter.

“We’re working towards a future where all large institutions in the USA and its allies abroad are running significant segments of their operations, if not their operations as an entire, on Palantir,” he said.

Correction: Expectations were for Palantir to report second-quarter earnings of three cents per share. An earlier version misstated the forecast.

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