PLTR Stock Alert: What to Know as Palantir Reports Q3 Earnings
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Palantir (NYSE:PLTR) stock is on the move Monday after reporting results from its third-quarter earnings report of 2022.
The earnings report doesn’t start off well with the data company reporting adjusted earnings per share of 1 cent. That comes in below Wall Street’s estimate of 2 cents per share for the quarter. It’s also a drop from the 4 cents per share reported in the same period of the year prior.
On the flip side of that, PLTR did bring in revenue of $477.88 million. That beats out analysts’ revenue estimate of $470.31 million for the period. It also represents a 22% increase year-over-year from $392.15 million.
PLTR Also Updated Its Outlook
This has the company now expects adjusted income from operations to range from $384 million to $386 million in 2022. However, it’s maintaining its revenue guidance of $1.906billion to $1.908 billion. For comparison, Wall Street’s expecting revenue of $1.89 billion for the year.
Alexander Karp, co-founder and CEO of Palantir, said the following in the earnings report.
“We beat expectations for revenue growth this quarter and expect to have a strong finish to the year, even in the face of the continued strength of the U.S. dollar.”
Investors aren’t reacting well to today’s news with share sales dropping the stock’s price. As of this writing, more than 20 million shares have changed hands. That’s closing in on its daily average trading volume of 36 million shares.
PLTR stock is down 7.7% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
