Palantir Technologies Inc (NYSE:PLTR) stock plunges 13.94% (As on May 7, 11:25:42 AM UTC-4, Source: Google Finance) though the company reported stronger-than-expected revenue citing demand by U.S. companies for its bootcamps and technology products and EPS in line with analyst estimates, but issued weaker-than-expected full-year guidance. Palantir reported $105.5 million quarterly net income, or 4 cents per share, compared to $16.8 million, or 1 cent per share, in the year-ago quarter. Earlier this year, Palantir had signed a $178 million contract with the U.S. Army to help develop a next-generation, field-deployable sensor station. The company has closed 87 deals worth at least $1 million in the first quarter, including 27 that were at least worth $5 million and 15 that were worth at least $10 million. Customer count grew 42% year-over-year and 11% quarter-over-quarter. The company has generated Cash from operations of $130 million, representing a 20% margin, adjusted free cash flow of $149 million, representing a 23% margin and cash, cash equivalents, and short-term US treasury securities of $3.9 billion.

PLTR in the first quarter of FY 24 has reported the adjusted earnings per share of 8 cents, which is inline with the analysts’ estimates for the adjusted earnings per share of 8 cents, according to LSEG data. The company had reported the adjusted revenue growth of 21 percent to $634 million in the first quarter of FY 24, beating the analysts’ estimates for revenue of $625 million. Palantir also reported its commercial revenue in the U.S. grew 40% year-over-year, while its quarter-over-quarter revenue rose 14% to $150 million. Overall, the company’s commercial revenue grew 27% year-over-year to $299 million. The company’s U.S. government revenue grew 12% year-over-year to $257 million, and its overall government revenue growth grew 16% year-over-year to $335 million.

Palantir expects current quarter revenue to fall between $649 million to $653 million, versus the $653 million expected by LSEG. The company guided to full-year revenue between $2.68 billion and $2.69 billion, weaker than an LSEG consensus estimate of $2.71 billion. It also expects adjusted income from operations to be between $868 million and $880 million in 2024. Palantir said it’s continuing to “invest aggressively” in its artificial intelligence platform, AIP

The company anticipates that the U.S. commercial business, which accounted for 24% of the revenue last quarter, will remain one of the most significant drivers of the growth in the near term