What's Going On With Palantir Technologies Stock Monday?

Palantir Technologies Inc PLTR shares are in the spotlight Monday ahead of earnings. Here’s a look at what you need to know ahead of the print.

What To Know: Palantir is due to report financial results for the second quarter after the market close on Monday. According to estimates from Benzinga Pro, the company is expected to report earnings of 8 cents per share and revenue of $652.141 million.

Last quarter, Palantir turned in its sixth consecutive quarter of GAAP profitability, beating analyst estimates as revenue grew 21% year-over-year. 

Palantir’s customer count grew 42% year-over-year and 11% on a quarter-over-quarter basis. U.S. commercial customer count increased 69% year-over-year to 262 customers.

Palantir guided for second-quarter revenue of $649 million to $653 million. The company also raised its full-year 2024 revenue guidance to a new range of $2.677 billion to $2.689 billion.

Palantir noted last quarter that it continues to expect adjusted free cash flow of $800 million to $1 billion for full-year 2024. The company also said it continued to expect to report GAAP operating income and net income in each quarter of the year.

Wedbush analyst Dan Ives recently set a bull-case price target of $50 on Palantir shares, noting that the Palantir story "remains very undervalued and misunderstood by the Street." Palantir shares are up approximately 44% year-to-date.

In a new note to clients last week, Ives said Palantir is in a prime position to capitalize on the AI spending wave. The analyst expects the company’s AI pipeline, momentum in its commercial business and an acceleration of government deals to be big focal points for the Street when Palantir reports after the bell.

Palantir’s management team will hold a conference call to discuss its quarterly results at 5 p.m. ET.

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PLTR Price Action: Palantir shares were down 12.6% at $21.62 at the time of publication, according to Benzinga Pro.

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