Palantir Technologies Inc (NYSE:PLTR) Posts Poss

Palantir Technologies Inc (NYSE:PLTR) stock fell 7.08% (As on August 9, 11:47:11 AM UTC-4, Source: Google Finance) after the company posted loss per share compared with projections for earnings, but the company beat analysts’ revenue expectations.  Its commercial revenue grew 46%. The software company, which is known for its work with the government, said its commercial customer count increased 250% year over year, growing from 34 customers to 119. The U.S. commercial business grew 120%, rising from $39 million in Q2 2021 to $86 million this quarter. Our core U.S. commercial business, which excludes strategic investments, grew 10% quarter over quarter or greater for the past four quarters, most recently reaching $67.4 million, 14% sequential growth. The government business grew to $263 million in revenue in Q2, rising 9% quarter over quarter.

PLTR in the second quarter of FY 22 has reported the adjusted loss per share of 1 cents, missing the analysts’ estimates for the adjusted earnings per share of 3 cents, according to Refinitiv. The company had reported the adjusted revenue growth of 26 percent to $473 million in the second quarter of FY 22, beating the analysts’ estimates for revenue of $471.3 billion. Second quarter billings were $396 million, up 5% year over year. In the second quarter, TCV booked was $792 million. U.S. TCV booked was $588 million. While government bookings grew quarter over quarter, increasing 128% sequentially, this was primarily driven by renewals. Despite the excellent TCV quarter, total remaining deal value was impacted primarily by two things: one, the company voluntarily terminated several contracts related to investment commitments that the company decided to not move forward with; two, the TCV number included the successful conversion of option years from a U.S. commercial customer contract that, while resulting in lower overall deal value, secured commitment for additional years. The company has ended the second quarter with $1.2 billion in remaining performance obligations, up 79% year over year.

Palantir expects to report revenue between $474 million and $475 million for its third quarter. Palantir expects total revenue for the full year between $1.9 billion and $1.902 billion, or a growth of about 23%, compared with the 30% or more growth forecast earlier. Analysts had expected revenue of $1.96 billion. The company said Palantir’s weak guidance is due to the “lumpiness” of government work, but that he is confident in the company’s pipeline. The large size of the government awards and the long-drawn procurement procedure make the contracts so unpredictable.

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