Palantir Misses Earnings in Consecutive Quarters, Lags on Q2 Outlook

Palantir Misses Earnings in Consecutive Quarters, Lags on Q2 Outlook
The logo of U.S. software company Palantir Technologies in Davos, Switzerland, on Jan. 22, 2020. Arnd Wiegmann/Reuters
Benzinga
Updated:
Palantir Technologies Inc reported first-quarter FY22 revenue growth of 31 percent year-on-year to $446 million, beating the consensus of $443.4 million.

Revenue Drivers

Commercial revenue grew 54 percent Y/Y. U.S. commercial revenue rose 136 percent Y/Y. Palantir customer count grew 86 percent Y/Y. Government revenue grew 16 percent Y/Y.

Margins

The adjusted operating margin contracted 800 bps to 26 percent as costs rose 2.7 percent Y/Y.

Palantir held $2.3 billion in cash and equivalents and generated $35 million in operating cash flow.

It clocked Q1 adjusted EPS of $0.02, which missed the consensus of $0.04. In the last quarter (Q4), its adjusted EPS of $0.02 also missed the consensus by $0.02, making it a rare consecutive earnings miss.

Outlook

Palantir sees Q2 revenue of $470 million, below the consensus of $483.8 million.

It reiterated annual revenue growth of 30 percent or greater for 2021 through 2025.

By Anusuya Lahiri
© 2022 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.