Palantir Technologies (PLTR) reported second-quarter adjusted earnings that met expectations, while revenue growth came in above Wall Street targets. Palantir stock rose on the news.
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Denver-based Palantir earnings for the June quarter were 4 cents per adjusted share. Revenue jumped 49% to $375.6 million, the maker of data analytics software said.
Analysts estimated Palantir earnings of 4 cents a share on revenue of $360.3 million for the quarter that ended June 30.
Palantir’s government revenue rose 66% to $232 million from the year-earlier period, topping estimates of $219.3 million. In the two previous quarters, government revenue climbed 76% and 85%. Commercial revenue rose 28% to $144 million, topping estimates of $140.8 million.
For the current quarter ending in September, Palantir forecast revenue of $385 million. Analysts polled by Factset had projected Q3 revenue of $379.4 million.
Palantir stock popped 9% to 24.37 before the market open on the stock market today. That would bring PLTR stock near its 50-day and 200-day moving averages.
Palantir Stock: Revenue Outlook Above Expectations
The Palantir earnings report comes amid the enterprise software maker’s growing investments in special purpose acquisition companies. SPACs raise money in an initial public offering with the purpose of making acquisitions.
Government agencies use Palantir software for intelligence gathering, counterterrorism and military purposes. The software maker aims to expand into the health care, energy and manufacturing sectors.
In addition, Palantir stock has dipped about 5% in 2021. Meanwhile, Palantir owns a Relative Strength Rating of 70 out of a best-possible 99, according to IBD Stock Checkup.
Heading into the earnings report, Palantir stock trades about 19% below its flat-base entry point of 27.60. That flat base is within a much-larger, deeper consolidation.
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Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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