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Data firm Palantir raises revenue 40% as contracts kick in

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U.S. data analytics firm Palantir Technologies Inc on Tuesday recorded a 40% rise in sales in its second quarterly outcomes since going public in September last year.

The company, co-founded in 2003 by billionaire Peter Thiel, endorsed 21 contracts each worth $5 million or more during the fourth quarter and asserted it anticipates sales in the first quarter to grow by about 45% from a year ago. Known for its work with the Central Intelligence Agency and other government agencies, Palantir has been partnering with substantial private sector names including Rio Tinto and International Business Machines for data offerings.

The Denver-based company’s shares were down almost 5% at $30.40 before the bell after having surged over triple since its public listing.

Although the stock has been a juncture of discussion on WallStreetBets, a forum on Reddit popular among retail investors, some analysts have warned that its recommendation does not match up to the meteoric increase in its stock.

WallStreetBets was in the spirit of a recent retail frenzy in U.S. stocks, prompting prices of many shorted companies encompassing videogame retailer GameStop Corp and theatre chain operator AMC.

Palantir’s net loss dwindled to $148.3 million in the quarter ended Dec. 31 from $159.3 million, a year earlier. On an adjusted footing, it earned 6 cents per share, while analysts were expecting 2 cents.

Its revenue jumped to $322.1 million, above market expectations of $300.7 million, according to IBES data from Refinitiv.

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Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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