Palantir stock falls after slight earnings miss

Shares of Palantir fell much than 10% Monday aft the institution released third-quarter earnings that missed expert estimates for net but bushed connected revenue.

Here's however the institution did:

• EPS: $0.01, adjusted, vs. $0.02 expected by analysts, according to Refinitiv.
• Revenue: $478 million vs. $470 cardinal expected by analysts, according to Refinitiv.

Palantir's gross for the 4th accrued 22% twelvemonth implicit year, and its U.S. commercialized gross grew 53%. The bundle company, which is known for its enactment with the government, said its US commercialized lawsuit number accrued 124% twelvemonth implicit year, increasing from 59 customers to 132.

In a letter to shareholders, Palantir CEO Alex Karp said the institution is successful the "early stages of a important transformation."

Karp said Palantir anticipates determination markets wrong the U.S., specified arsenic the Midwest, Southeast, Texas and New England, could make into billion-dollar businesses. However, Karp said that countries successful continental Europe person been little consenting to present "software systems that situation existing habits."

"We person recovered that ample institutions successful the United States person been acold much consenting to analyse the astir important sources of systemic dysfunction wrong their organizations, which successful the existent infinitesimal often subordinate to the quality oregon alternatively inability of an instauration to metabolize its ain data," helium said.

Palantir said it expects to study betwixt $503 cardinal and $505 cardinal successful gross during the 4th quarter, connected a par with expert estimates of $503 cardinal according to StreetAccount.

"We are gathering the integer infrastructure that makes continued concern advancement successful precocious capitalism possible," Karp said successful the letter. "The metaverse and different idiosyncratic pursuits of the technocratic elite whitethorn beryllium luxury goods. But foundational information platforms are not.­­­"