Shares of Palantir (NYSE:PLTR) plunged in early morning Monday after the company issued a weaker-than-expected revenue outlook and missed on the bottom line in its first-quarter results.
Earnings per share came in at two cents as opposed to the expected four cents expected by analysts.
Revenue was $446 million vs $443 million expected.
Palantir said it expects $470 million in revenue in the current quarter, which is below analyst expectations of $483.7 million.
The software company, known for its work with the government, said there is a “wide range of potential upside” to its guidance “including those driven by our role in responding to developing geopolitical events.”
It reported a net loss of $101.38 million for the quarter, an improvement from the $156.19 million of the fourth quarter of 2021.
For the full year 2022, it continues to expect an adjusted operating margin of 27%. It also anticipates annual revenue growth of 30% or greater through 2025.
Revenue for the quarter increased 31% year-over-year to $446 million. Commercial revenue for the period was up 54% compared to the same quarter a year ago, while government revenue gained 16%. The company’s customer count grew 86% year over year.
Palantir is guiding to a base case of $470 million in revenue. There is a wide range of potential upside to this guidance, including those “driven by our role in responding to developing geopolitical events.”
The company expects adjusted operating margin of 20%.
For full year 2022, PLTR continues to expect adjusted operating margin of 27%.
PLTR shares withered $1.95, or 20.6%, to $7.53.
