Shares of Palantir fell 14% in premarket trading.
Here’s how the company did:
- Earnings per share: Loss of 1 cent vs. earnings of 3 cents expected, according to Refinitiv.
- Revenue: $473 million vs. $471.3 million expected, according to Refinitiv.
Palantir’s revenue for the quarter increased 26% year-over-year, and its commercial revenue grew 46% year-over-year. The software company, which is known for its work with the government, said its commercial customer count increased 250% year-over-year, growing from 34 customers to 119.
CFO David Glazer told CNBC that the company’s miss was due to a decline in investments and marketable securities. Glazer said commercial growth is widespread.
The company expects to report revenue between $474 million and $475 million in its third quarter, and between $1.9 billion and $1.902 billion for the full year.
Glazer said Palantir’s weak guidance is due to the “lumpiness” of government work, but that he is confident in the company’s pipeline.