Following the Q2 2022 performance, Palantir expects revenue for the current quarter to be between $474 million and $475 million.
Palantir Technologies (NYSE: PLTR) closed down 14.24% on 8th August after the company announced losses per share instead of the projected earnings in its Q2 2022 earnings report. Shares came in at a loss of 1 cent, while the company expected earnings of 3 cents on each share.
According to Chief Financial Officer David Glazer, the earnings miss resulted from an investments decline. Glazer added that there is also a fall in marketable securities and commercial growth is widespread.
Palantir Beats Revenue Expectations in Q2 2022
Despite the loss per share, Palantir exceeded analysts’ expectations in revenue. While analysts forecast the technology company to see $471.3 million in revenue, the company reported $473 million. This means that Palantir Technologies’ revenue for Q2 2022 spiked 26% YoY, and commercial revenue gained 46%. Interestingly, the commercial customer count increased during the quarter. The software company, which majorly offers its services to the government, recorded a 250% year-over-year surge in commercial customer count. In Q2 2022, Palantir said the customers grew from 34 to 119.
CEO Alexander Karp believes the company has yet to experience its most significant growth. Karp said in a letter to shareholders:
“The strength and momentum we are seeing with our customers in the United States is a reflection of the refinement and maturation of our software platforms, which we believe will continue leading to increasingly broad adoption across sectors.”
Following the Q2 2022 performance, Palantir expects revenue for the current quarter to be between $474 million and $475 million. The company is looking forward to between $1.9 billion and $1.902 billion for the full year revenue. The CEO blamed the “lumpiness” of government work for the weak guidance. However, he remains confident in the technology company’s pipeline.
Palantir’s Long-Term Vision
Speaking on long-term vision, Karp said Palantir is working towards a future “where all large institutions in the United States and its allies abroad are running significant segments of their operations, if not their operations as a whole, on Palantir.”
The software company signed an $823 million contract with the US army in October last year. Palantir was to offer its Gotham platform to support the Army “with a globally federated intelligence data fabric and analytics platform spanning multiple security classifications.” At the time, the company’s global defense lead Doug Philippone said the software company would be expecting to partner more with the Army’s Intelligence Community.
After closing down more than 14% in reaction to its Q2 2022 financial performance, Palantir stock is currently up 0.87% to $9.92 in extended trading. The last twelve months have been a mix for the company, which has lost over 57% in a year. Palantir has also dropped 46.75 this year and another 10.07% in the last five days.
However, data shows that the American software company’s stock has gained nearly 35% in the last three months and 3.48% over the past month.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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