- Palantir Technologies Inc (NYSE:PLTR) reported first-quarter FY22 revenue growth of 31% year-on-year to $446 million, beating the consensus of $443.4 million.
- Revenue Drivers: Commercial revenue grew 54% Y/Y. U.S. commercial revenue rose 136% Y/Y. Palantir customer count grew 86% Y/Y. Government revenue grew 16% Y/Y.
- Margins: The adjusted operating margin contracted 800 bps to 26% as costs rose 2.7% Y/Y.
- Also Read: Palantir Wins $13M Contract From Longtime Partner UK Defense Ministry
- Palantir held $2.3 billion in cash and equivalents and generated $35 million in operating cash flow.
- It clocked Q1 adjusted EPS of $0.02, which missed the consensus of $0.04. In the last quarter (Q4), its adjusted EPS of $0.02 also missed the consensus by $0.02, making it a rare consecutive earnings miss.
- Outlook: Palantir sees Q2 revenue of $470 million, below the consensus of $483.8 million.
- It reiterated annual revenue growth of 30% or greater for 2021 through 2025.
- Price Action: PLTR shares traded lower by 20.3% at $7.56 on the last check Monday.
