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Palantir Technologies, which recently moved its headquarters from Silicon Valley to Denver, Colo. (Pictured here), reported its results for the first time as a public company on Thursday.
AFP via Getty Images
Palantir Technologies Inc. reported its results Thursday for the first time since its IPO, posting a quarterly loss of nearly $ 900,000, but saying demand for its products has been growing steadily.
Palantir PLTR shares,
fell sharply in after-hours trading, by about 6%, after the close of regular session at $ 14.54, down 8.9%. Prior to Thursday, the data analytics firm’s stock had risen nearly 60% since it started trading at $ 10 on September 30.
The company reported a third quarter net loss of $ 853.3 million, or 94 cents per share, compared with a loss of $ 144.1 million, or 24 cents per share, during the same period of the last year. His adjusted loss was $ 73 million, adjusted by $ 847 million in stock-based compensation. Palantir generated revenue of $ 289 million, a 52% increase from revenue of $ 191 million in the third quarter of last year.
Analysts polled by FactSet on average expected the company to earn 2 cents a share on revenue of $ 279.4 million.
The company touted new contracts it won in the third quarter, including a $ 91 million with the U.S. military, $ 36 million with the National Institutes of Health and a $ 300 million renewal with a client of aerospace. In his brief, Palantir said that while the US government remains a “primary focus” of its activities – including coronavirus research and response – it is also seeing “significant momentum” in doing business with the commercial sector.
Palantir’s software offerings range from assisting governments with surveillance and warfare, to enabling companies to track manufacturing processes. His work with the government, particularly immigration and customs enforcement and the Department of Homeland Security, has been controversial. After protests backed by immigration activists at the company’s Palo Alto, California office, it moved its corporate headquarters to Denver, Colorado. Managing Director Alex Karp said in a letter attached to the company’s August filing for direct listing that fewer and fewer values and commitments from the tech sector. “
See: Palantir takes swings in Silicon Valley on his way to Wall Street
Palantir was co-founded in 2003 by Karp, Facebook Inc. FB,
investor and board member Peter Thiel and Stephen Cohen, who is now chairman of the company. The company started with funding from the In-Q-Tel branch of the Central Intelligence Agency.
The company raised its revenue outlook for the full year to $ 1.07 billion to $ 1.072 billion, up 44% year-over-year.
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