- Palantir posted adjusted EPS of 1 cent.
- PLTR stock dropped 1% on the news.
- Full-year adjusted operating income raised by $43 million.
Palantir (PLTR) is down 1% to $7.85 in Monday's premarket after the big data company posted a 1 penny adjusted earnings per share (EPS) miss and a $2.8 million revenue beat. Overall, the Peter Thiel-backed company reported adjusted EPS of $0.01 on revenue of $478 million, which was ahead by 22% YoY.
Palantir earnings news
The US segment still dominated with 62% of all revenues at $297 million. This amounted to a 31% growth rate compared with the period a year ago. As Palantir has long been associated with its US military contracts, it was positive news that the company's commercial segment grew at a faster rate in the US (+55% YoY) compared with its US government business (+23% YoY).
Contracts for future work of $1.3 billion were signed during the quarter, which also appears quite immpressive. Customers overall grew 11% compared with the second quarter and 66% YoY due to strides made with new corporate partners. This is particularly due to US corporate customers, which added 73 new clients YoY for a total of 132 in the third quarter.
For the fourth quarter, Palantir is guiding for $504 million, just below the previous Wall Street consenus of $506 million. Management also guided for $79 million in adjusted operating income for the quarter. Mangement reaffirmed full-year guidance of $1.9 billion in sales but raised adjusted operating income from $342 million to $385 million at the midpoint.
Palantir stock forecast
Over the past two sessions, PLTR stock has dropped below the ascending bottom trendline that had been working since the double bottom was formed on September 23. This signals further deterioration of Palantir's price action, and alongside the earnings miss should lead to a continuing downward movement. Seasoned traders will notice that the Relative Strength Index (RSI) has dropped below the midpoint, which also signals that more downward movement is expected.
A good guess would be that Palantir stock will continue dropping until reaching the double bottom at $7.18, from whence the upward-sloping support originated. Below here is the lower open at $6.55 from May 12.
PLTR daily stock chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD struggles below 1.0500, awaits key US data
EUR/USD keeps its range trade intact below 1.0500 in the European morning on Wednesday. Traders prefer to stay on the sidelines, awaiting a series of US economic data, including the high-impact PCE inflation data for placing fresh directional bets on the pair.
GBP/USD holds higher ground above 1.2550 ahead of US PCE inflation data
GBP/USD trades on a stronger note above 1.2500 in Wednesday's early European session. The pair remains underpinned by a sustained US Dollar weakness and a negative shift in risk sentiment as traders turn cautious ahead of top-tier US data releases.
Gold price sticks to modest intraday gains, bulls seem cautious ahead of US PCE data
Gold price builds on the overnight bonce from the $2,600 neighborhood, or a one-week low and gains some follow-through positive traction for the second straight day on Wednesday.
US core PCE inflation set to hold steady, raising doubts on further Federal Reserve rate cut
The United States Bureau of Economic Analysis (BEA) is set to release the Personal Consumption Expenditures (PCE) Price Index data for October on Wednesday at 13:30 GMT.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.