Palantir Technologies (NYSE:PLTR) stock is on the move Tuesday after the data analytics company announced a massive stock buyback program.
The stock buyback program announced by Palantir has it agreeing to purchase up to $1 billion worth of its common stock. It expects these buybacks to be made through open market purchases and other transactions.
Palantir also notes that there’s no end date set for the stock repurchase program. The company also retains the right to suspend or terminate the buyback at its discretion. There’s also no minimum amount of PLTR stock that must be bought back.
PLTR Stock Earnings Update
The stock buyback news comes alongside Palantir’s earnings report for the second quarter of 2023. That report includes adjusted earnings per share of 5 cents and revenue of $533.32 million. To put that in perspective, Wall Street was expecting adjusted EPS of 5 cents on revenue of $533.87 million for the quarter.
Palantir Technologies also provides guidance updates in its latest earnings report. It expects revenue to range from $553 million to $557 million in Q3 and comes in above $2.212 billion for the full year. For comparison, analysts are predicting revenue of $552.09 for Q3 and $2.21 billion for the year.
As of this writing, around 5 million shares of PLTR stock have changed hands. That’s still well below its daily average trading volume of about 87 million shares. With this movement comes a 2.6% drop for PLTR stock on Tuesday morning.
Investors looking for more of the most recent stock market news are going to want to stick around!
We have all of the latest stock market stories that traders need to know about on Tuesday! Among that is why shares of Datasea (NASDAQ:DTSS), Proterra (NASDAQ:PTRA), and Biophytis (NASDAQ:BPTS) stock are on the move today. You can read more about these matters at the links below!
More Tuesday Stock Market News
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- Why Is Biophytis (BPTS) Stock Up 18% Today?
On the date of publication, William White did not have (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.
