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Palantir lowers full-year guidance, pulls forecast for medium-term growth
(Sharecast News) - Shares of Palantir reeled after the data analytics outfit guided lower for full-year sales and profits. For its second quarter ending on 30 June, the company reported a 26% jump in revenues to reach $473m, driven by a 45% jump in the US to $290m.
Despite that performance, it incurred in a net loss of -$179,329 or 1 US cent per share.
Palantir, which counts the US government among its largest clients, also said that it closed the period with a total contract value of $792m while free cash flow came in at $61m, for a 13% margin.
However, it lowered its full-year guidance for revenues to a range of $1.9-1.902bn and that for adjusted income from operations to $341-343m.
Analysts had been anticipating sales of $1.96bn and operating profits of $531m.
The company also pulled guidance for annual growth of 30% or higher through 2025.
As of 1438 BST, shares of Palantir were falling 14.28% to $9.85.
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