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A person poses in front of a banner emblazoned with the Palantir Technologies (PLTR) logo on the New York Stock Exchange (NYSE) on the day of its initial public offering (IPO) in Manhattan, New York City, the United States, September 30, 2020.
Andrew Kelly | Reuters
Palantir, the maker of software and analysis tools for the defense industry and large corporations, reported 52% revenue growth in its first earnings announcement since going public in September.
The stock fell more than 3% in extended trading after plunging 8.7% during the normal trading day.
Here are the key figures:
- Earnings: Loss of 94 cents per share versus a loss of 24 cents a year earlier.
- Returned: $ 289.4 million vs. $ 279.4 million expected, according to analysts polled by Refinitiv.
For the third quarter, the company reported an operating loss of $ 847.8 million due to a charge of $ 847 for stock-based compensation.
Palantir raised its revenue forecast for the full year to between $ 1.07 billion and $ 1.072 billion, which would represent a 44% growth from the previous year. The company previously said sales for the year would hit $ 1.06 billion. Adjusted operating income in 2020 is expected to be between $ 130 million and $ 136 million.
Co-founded in 2003 by tech investors Peter Thiel and Joe Lonsdale, CEO Alex Karp and others, Palantir provides data analysis software and services to government agencies including the Department of Defense, Food and Drug US administration and the intelligence community. It also sells to companies like aircraft manufacturer Airbus and energy producer BP.
Palantir’s stock opened at $ 10 in its direct quote on September 30 and has since climbed 46% to close at $ 14.58 on Thursday. Investors are paying special attention to the company’s customer base, which was limited to 125 in the first half of 2020. As the company focuses more on software and less on services, it tries to make the product easier to use. customers. can extend its reach and reduce sales costs.
“Our customer concentration is decreasing,” the company said in the statement. Palantir said 61% of its revenue for the first nine months of the year came from its top 20 customers, up from 68% for the same period in 2019.
The company also said new contracts in the third quarter included a $ 91 million deal with the U.S. military, a $ 36 million contract with the National Institutes of Health for $ 36 million and a renewal of $ 300 million. of dollars with an aerospace customer.
Company executives will hold a conference call to discuss the results at 5 p.m. ET.
This is the latest news. Please come back for updates.
WATCH: Full interview with Joe Lonsdale, co-founder of Palantir, on the company’s outlook
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