Palantir Technologies (PLTR) reported third-quarter earnings that met estimates while revenue topped expectations. PLTR stock fell modestly even as its customer growth and revenue outlook came in above views.
Denver-based Palantir released the September-quarter earnings report before the market open on Tuesday. Palantir stock fell 2.6% to 26.06 before the open after initially rising in early trading on the stock market today.
Palantir earnings were 4 cents per share on an adjusted basis.
Revenue jumped 36% to $392 million, the maker of data analytics software said.
Analysts estimated Palantir earnings of 4 cents a share on revenue of $385 million for the quarter that ended Sept. 30.
PLTR Stock: Revenue Outlook Tops Estimates
Palantir said it added 34 net new customers in the September quarter, up from 20 in the second quarter.
For the current quarter ending in December, Palantir forecast revenue of $$418 million. Analysts polled by FactSet had projected fourth-quarter revenue of $402 million.
Heading into the earnings report, Palantir stock had an entry point of 29.39. PLTR stock had gained 12% in 2021.
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. In addition, the software maker aims to expand into the health care, energy and manufacturing sectors.
PLTR stock holds a Relative Strength Rating of 83 out of a best possible 99, according to IBD Stock Check-up.
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