Palantir Technologies Inc shares plunge 16% after projecting lower-than-expected Q2 revenue, signaling slower sales growth, according to a news release by Palantir on Monday.
Palantir posted first-quarter revenue of $446.4M, surpassing Refinitiv IBES estimates of $443.4M, attributable to strength in its US commercial business.
The company expects Q2 revenue to be around $470 million, signaling a growth of nearly 25% year-over-year, compared with 49% growth a year ago.
Shyam Sankar, Chief Operating Officer of Palantir, stated that the Ukraine war had no additional impact on its first quarter, but the company has been working and investing in anticipation of government contract awards.
The company earned 2 cents per share, excluding items, missing estimates of 5 cents per share. Sankar stated that the company saw 2 cents of loss per share related to Palantir’s investments.
