Palantir Technologies Inc. (NYSE: PLTR) swung to a surprise loss in the fiscal fourth quarter despite a better-than-expected increase in its revenue.
Palantir Technologies shares were reported about 7% down in premarket trading on Tuesday. Including the price action, the stock is now exchanging hands at £21.50 per share. If you want to invest in the stock market online, you will need a reliable stockbroker – here is a comparison of the top few to make selection easier for you.
Palantir’s Q4 financial results versus analysts’ estimates
Palantir said that its net loss in the fourth quarter came in at £106.45 million that translates to 5.74 pence per share. In the comparable quarter of last year, it had reported an even broader £114.34 million of net loss or 20.82 pence per share.
The American software company attributed its net loss in the recent quarter to stock-based compensation that it valued at £173.56 million and employer payroll taxes worth £13.57 million. Palantir said that it generated £231.19 million of revenue in Q4 that represents a 40.4% year over year increase.
Palantir signed 21 contracts in the fourth quarter each worth a minimum of £3.59 million. Twelve of these contracts, it added, were valued at £7.18 million or more each. In an announcement last week, Palantir said that it was partnering with IBM to expand the reach of its sales force.
According to FactSet, experts had forecast the company to post £215.83 million of revenue in the recent quarter. Their estimate for profit stood at a lower 1.44 pence per share. In separate news from the United States, healthcare firm CVS Health Corp. also reported its quarterly financial results on Tuesday.
Palantir Technologies’ guidance for the fiscal first quarter
For the fiscal first quarter, Palantir Technologies now forecasts a 45% annualised growth in its revenue. The Denver-based company expects over 30% growth in its full-year revenue. In comparison, analysts are calling for a 29% increase in its revenue in fiscal 2021.
In fiscal 2020, the big data analytics specialist reported £790 million of revenue or 47% higher than last year. Average revenue per customer, as per Palantir, saw a 41% annualised growth to £5.67.
Palantir Technologies debuted on the New York Stock Exchange in September 2020 at a per-share price of £6.82. At the time of writing, the U.S. company is valued at £39.90 billion.
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