Palantir Technologies Inc. (PLTR) announced better-than-expected results for the first quarter and offered an upbeat earnings and revenue outlook for the full year, sending its shares up nearly 10 percent on Friday morning.
The Denver, Colorado-based data analytics company reported a net loss of $853.3 million for the three-month period ended Sept. 30, significantly higher than a loss of $139.9 million in the comparable period last year. The huge loss was mainly attributed to the costs related to its direct listing. On an adjusted basis, earnings rose to 9 cents per share, beating the consensus forecast of 7 cents per share.
Revenue for the quarter came in at $289.4 million, above the average analyst expectation of $279.4 million. Looking forward, Palantir expects adjust profit in the range of $130 million to $136 million for the full year.
The company also lifted its revenue outlook for 2020. It now expects revenue of about $1.07 billion, up from its previous projection between $1.05 billion and $1.06 billion. The revised revenue forecast came as the company announced that it has secured 15 new contracts during the third quarter. The deals include $91 million contract with the U.S. military and $300 million with a client it did not disclosed.
Palantir is an analytics company, famous for assisting U.S. government and intelligence agencies in their complex missions using its expertise in big data analytics. The latest results mark the first quarterly performance of the company following its initial public offering (IPO).
The company’s Chief Operating Officer Shyam Sankar said in a statement “Covid exposed opportunities for improvement, and governments are going to invest there, and it has created enormous opportunities for us.”
Palantir Technologies stock has performed well since going public last month. PLTR share price has surged nearly 66 percent since its IPO.
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