Technology

Palantir reports 52% sales growth in first earnings statement since public market debut

A person poses in front of a banner featuring the logo of Palantir Technologies (PLTR) at the New York Stock Exchange (NYSE) on the day of their initial public offering (IPO) in Manhattan, New York City, U.S., September 30, 2020.

Andrew Kelly | Reuters

Palantir, the maker of software and analytics tools for the defense industry and large corporations, reported 52% revenue growth in its first earnings announcement since going public in September.

The stock fell more than 4% in extended trading after plunging 8.7% during the regular trading day.

Here are the key numbers:

  • Earnings: Loss of 94 cents per share, adjusted, vs loss of 24 cents a year earlier.
  • Revenue: $289.4 million vs $279.4 million expected, according to analysts polled by Refinitiv.

Palantir raised its full-year revenue guidance to between $1.07 billion and $1.072 billion, which would represent 44% growth from a year earlier. The company previously said sales for the year would reach $1.06 billion.

Co-founded in 2003 by tech investors Peter Thiel and Joe Lonsdale, CEO Alex Karp and others, Palantir provides data analytics software and services to government agencies, including the Defense Department, the U.S. Food and Drug Administration and the intelligence community. It also sells to companies like aircraft manufacturer Airbus and energy producer BP.

Palantir’s stock opened at $10 in its direct listing on Sept. 30, and has since climbed 46% to close at $14.58 on Thursday. Investors are paying close attention to the company’s customer base, which was limited to 125 in the first half of 2020. As the company focuses more on software and less on services, it’s trying to make it easier for clients to start using the product so it can expand its reach and bring down sales costs.

The company said in the release that new contracts in third quarter included a $91 million deal with the U.S. Army, a $36 million contract with the National Institutes of Health $36 million, and $300 million renewal with an aerospace customer.

Company executives will host a conference call to discuss results at 5 p.m. ET.

This is breaking news. Please check back for updates.

WATCH: Full interview with Palantir co-founder Joe Lonsdale on company outlook

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