Why Palantir Technologies Shares Are Diving

Palantir Technologies Inc PLTR shares are trading lower by 13.61% at $8.19 after the company said it expects second-quarter revenue below analyst estimates.

Palantir reported quarterly earnings of 2 cents per share which missed the analyst consensus estimate of 4 cents by 50 percent. The company reported quarterly sales of $446.00 million which beat the analyst consensus estimate of $443.42 million. This sales figure represents a 31% increase over sales of $341.23 million in the same period last year.

Palantir meanwhile sees second-quarter sales of $470 million, which is below the analyst consensus estimate of $483.84 million.

Palantir says, per the long-term guidance policy by CEO Alex Karp, the company continues to expect annual revenue growth of 30% or greater through 2025. 

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Palantir Technologies provides organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes.

According to data from Benzinga Pro, Palantir Technologies has a 52-week high of $29.29 and a 52-week low of $9.42.