Palantir Earnings: PLTR stock drops 1% after narrow EPS miss

Palantir posted adjusted EPS of 1 cent.
PLTR stock dropped 1% on the news.
Full-year adjusted operating income raised by $43 million.

Clay Webster FXStreet

Palantir (PLTR) is down 1% to $7.85 in Monday's premarket after the big data company posted a 1 penny adjusted earnings per share (EPS) miss and a $2.8 million revenue beat. Overall, the Peter Thiel-backed company reported adjusted EPS of $0.01 on revenue of $478 million, which was ahead by 22% YoY.

Palantir earnings news

The US segment still dominated with 62% of all revenues at $297 million. This amounted to a 31% growth rate compared with the period a year ago. As Palantir has long been associated with its US military contracts, it was positive news that the company's commercial segment grew at a faster rate in the US (+55% YoY) compared with its US government business (+23% YoY).

Contracts for future work of $1.3 billion were signed during the quarter, which also appears quite immpressive. Customers overall grew 11% compared with the second quarter and 66% YoY due to strides made with new corporate partners. This is particularly due to US corporate customers, which added 73 new clients YoY for a total of 132 in the third quarter.

For the fourth quarter, Palantir is guiding for $504 million, just below the previous Wall Street consenus of $506 million. Management also guided for $79 million in adjusted operating income for the quarter. Mangement reaffirmed full-year guidance of $1.9 billion in sales but raised adjusted operating income from $342 million to $385 million at the midpoint.

Palantir stock forecast

Over the past two sessions, PLTR stock has dropped below the ascending bottom trendline that had been working since the double bottom was formed on September 23. This signals further deterioration of Palantir's price action, and alongside the earnings miss should lead to a continuing downward movement. Seasoned traders will notice that the Relative Strength Index (RSI) has dropped below the midpoint, which also signals that more downward movement is expected.

A good guess would be that Palantir stock will continue dropping until reaching the double bottom at $7.18, from whence the upward-sloping support originated. Below here is the lower open at $6.55 from May 12.

PLTR daily stock chart

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Author

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

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