Palantir stock sinks after outlook falls short, though company sees 'wide range of potential upside'
Shares of Palantir Technologies Inc. (PLTR) were sinking 12% in premarket trading Monday after the software company fell short of expectations with its latest earnings and outlook. The company reported a first-quarter net loss of $101.4 million, or 5 cents a share, down from $123.5 million, or 7 cents a share, in the year-prior quarter. On an adjusted basis, Palantir earned 2 cents a share, compared with 4 cents a share a year earlier, while analysts tracked by FactSet had been modeling 4 cents a share. Revenue increased to $446.4 million from $341.2 million a year before and came in slightly ahead of the FactSet consensus, which was for $443 million. For the second quarter, Palantir expects revenue of $470 million, below the FactSet consensus, which was for $484 million. "There is a wide range of potential upside to our guidance, including those driven by our role in responding to developing geopolitical events," the company said in its release. It also anticipates an adjusted operating margin of 27% for the second quarter. Shares of Palantir have lost about 32% over the past three months as the S&P 500 has declined roughly 10%.
-Emily Bary
(END) Dow Jones Newswires
May 09, 2022 07:22 ET (11:22 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.