Palantir Technologies on Monday reported March-quarter earnings that missed views while revenue edged by Wall Street targets. PLTR stock plunged as revenue guidance came in below expectations amid slowing government growth.
Denver-based Palantir reported first-quarter earnings before the market open. Palantir stock crashed 21.3% to close at 7.46 on the stock market today.
Palantir earnings for the three months ending March 31 were 2 cents per share on an adjusted basis. That included the negative impact of $59.9 million in non-operating items, mostly losses from investments.
Revenue rose 31% to $446 million, the maker of data analytics software said.
Meanwhile, analysts expected Palantir earnings of 4 cents a share on revenue of $443.4 million.
In the March quarter, commercial revenue rose 54% to $204.5 million, topping estimates of $193 million. But government revenue climbed 16% to $241.7 million, missing estimates of $251 million
PLTR Stock: Revenue Outlook Misses
For the current quarter ending in June, Palantir forecast revenue of $470 million. Analysts polled by FactSet had projected second-quarter revenue of $483.7 million.
PLTR stock has retreated some 67% in 2022.
Heading into the Palantir earnings report, the software stock had a Relative Strength Rating of only 4 out of a best-possible 99, according to IBD Stock Checkup.
Government agencies use Palantir software for intelligence gathering, counterterrorism and military purposes. In addition, the software maker aims to expand into the health care, energy and manufacturing sectors.
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