Palantir (NYSE:PLTR) stock is on the move Monday after reporting results from its third-quarter earnings report.
The earnings report doesn’t start off well, with the data company reporting adjusted EPS of 1 cent. That came in below Wall Street’s estimate of 2 cents per share for the quarter. It’s also a drop from the 4 cents per share reported the same time last year.
On the flip side of that, PLTR did bring in revenue of $477.88 million. That beat out analysts’ revenue estimate of $470.31 million for the period. It also represents a 22% year-over-year (YOY) increase from $392.15 million.
Palantir Also Updated Its Outlook
In the report, Palantir also updated its forward outlook. The company now expects adjusted income from operations to range from $384 million to $386 million in 2022. However, the company is maintaining its revenue guidance of between $1.906 billion and $1.908 billion. For comparison, Wall Street expects revenue of $1.89 billion for the year.
Alexander Karp, co-founder and CEO of Palantir, said the following in the earnings report:
“We beat expectations for revenue growth this quarter and expect to have a strong finish to the year, even in the face of the continued strength of the U.S. dollar.”
Investors aren’t reacting well to today’s news, with share sales dropping the price of PLTR stock. As of this writing, more than 20 million shares have changed hands. That’s closing in on the daily average trading volume of 36 million shares.
PLTR stock is down 7.7% as of Monday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.