Palantir’s Strong Q1 Topline Growth Drives Up Stock Price

2 min read | May 12, 2021 04:34 AM AEST | By Team Kalkine Media

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Palantir’s Strong Q1 Topline Growth Drives Up Stock Price — Image source: REDPIXEL.PL,Shutterstock

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Summary

The Denver-based data analytic company posted a topline growth of 49 percent.

Palantir’s stock was trading at US$20.07, up 8.6 percent on Tuesday morning.

For the second quarter, the company anticipates its revenue to increase 43 percent year over year to US$360 million.

Palantir Technologies Inc. (NYSE:PLTR)’s stock rose as much as 8.6 percent on Tuesday morning after the company posted a strong topline growth for the first quarter ended March 31.

The Denver-based company makes software for counterterrorism operations and data analytic platforms for companies. Palantir’s Gotham platform is used by the U.S. defense agencies and its allies to investigate potential threats including terrorist attacks.

Palantir, which made its market debut in September 2020, has seen its share price soar 100 percent since the listing.

The company now has a market capitalization of US$35.43 billion and its shares are down 16 percent year to date.

Q1 sales up 49% YOY

Palantir posted a 49 percent year-over-year growth in its total revenue during the first quarter to US$341.2 million. Previously, Palantir was expecting the first quarter revenue to grow 45 percent.

Revenue from commercial business in the U.S. rose 72 percent year over year while revenue from the U.S. government jumped 83 percent year over year.

Source: Pixabay

However, Palantir’s net loss more than doubled during the quarter to US$123.5 million, compared to US$54.3 million in the year-ago quarter. GAAP loss per share was 7 cents, down from a loss of 10 cents per share.

Adjusted diluted EPS came in at 4 cents, compared with an adjusted loss of 1 cent per share in the year-ago quarter.

The company noted that total stock based compensation in the first quarter accounted for US$193.7 million, against US$54.1 million in the comparable period previous year.

Palantir closed 15 deals worth US$5 million or more in total contract value during the three months. It includes six deals worth at least US$10 million.

Meanwhile, Palantir continues to project at least 30 percent annual growth in revenue for five years.

The company anticipates its second quarter revenue to increase 43 percent year over year to US$360 million.

READ MORE: Palantir (NYSE:PLTR) Stock Climbs 135% Since September 2020 Debut

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