August 9, 2022: -On Monday, Palantir reported second-quarter results that showed a loss per share compared with projections for earnings, but the company has overdone the analysts’ revenue expectations.
Palantir’s revenue for the quarter surged over 26% yearly, and its commercial revenue increased 46%. The software company said that its retail customer count grew 250% every year, that was from 34 customers to almost 119.
CFO David Glazer told CNBC that the company’s miss was because of a decrease in investments and marketable securities. Glazer added that commercial growth is widespread.
CEO Alexander Karp said to the shareholders that he believes the most significant growth of the company is still to come.
“The strength and momentum we are experiencing with our customers in the United States is a reflection of the refinement and seriousness of our software platforms, believing will continue leading to increasingly broad adoption across sectors,” he added.
Palantir is hoping to report revenue of $474 million and $475 million for its third quarter and amid $1.9 billion and $1.902 billion for the whole year.
Glazer said that the weak guidance of Palantir is because of the “lumpiness” of government jobs but that he is secure in the company’s pipeline.
Palantir stays focused on the long term, Karp stated in the letter.
“We are working in the future where all large institutions in the United States and its allies abroad are running significant segments of their operations, if not their operations as a whole, on Palantir,” he said.