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Palantir shares plummet 22% after quarterly loss

S.Weaker deals are hitting controversial US data analytics firm Palantir. Palantir announced that quarterly sales growth to $ 470 million is expected for the current quarter. This is well below the 49 percent increase in the prior-year quarter and analyst expectations of $ 487 million. In the first quarter, revenues increased 31% to $ 446 million. This also added to the share price. This was down nearly 22 percent on Monday.

Palantir works for the US military, the CIA and other agencies, among others. In the meantime, however, orders from companies such as Ferrari and IBM also play an increasingly important role. Experts assume the war in Ukraine is currently clouding business.

Palantir writes losses

From January to March, the company’s net loss shrank to about $ 101 million from about $ 123 million. The net loss was an improvement over the same period last year, but was higher than analysts expected. The loss was 5 cents per share, Palantir said in a statement Monday.

The Denver-based company is known for its work in supporting national defense and pandemic response for the United States and its allies, as well as its polarizing co-founders Peter Thiel and Alex Karp. Palantir has revised its software in recent years to tailor the product more individually to each customer. Growth in business users, on the other hand, has historically been slow.

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