Palantir Slips As Deutsche Bank Downgrades Over Slowing Government Business

Seeking Alpha2022-08-09

Palantir Technologies (NYSE:PLTR) shares slipped on Tuesday after investment firm Deutsche Bank downgraded the data analytics software company after it issued second-quarter results, citing concerns ...

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Comments

GinC
2022-08-09
GinC
[Happy] [Happy] [Happy]
Bspn
2022-08-09
Bspn
Ok
blessed_1
2022-08-09
blessed_1
[Speechless]
Nanamoney
2022-08-09
Nanamoney
Forever slip
koots
2022-08-09
koots
Ok

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Analysts were expecting the company to earn 3 cents per share on $471.72M in revenue.U.S.-based revenue came in at $290M, up 45% year-over-year, while U.S.-based government revenue grew 27% year-over-year. Palantir (PLTR) blamed the slowdown in U.S.-based government revenue on uncertainty from federal spending.Palantir (PLTR) shares fell nearly 1% to $9.74 in premarket trading.Zelnick added that with Palantir (PLTR) withdrawing its commitment to generate more than 30% revenue growth until 2025, this adds to the risk profile and there is room for \"potential Commercial weakness despite an obviously tenuous backdrop.\"Deutsche Bank has always been \"skeptical\" around Palantir's (PLTR) long-term economics Zelnick wrote, especially with concerns that it is a \"true software company\" compared to a highly skilled professional services firm with reusable intellectual property. 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