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Palantir Stock Climbs as Earnings Meet Estimate, Outlook Upbeat

Palantir reports second-quarter earnings that met Wall Street's expectations and revenue that exceeded them. The stock is higher.
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Palantir Technologies  (PLTR) - Get Palantir Technologies Report shares moved up Thursday after the software firm reported second-quarter earnings that met Wall Street's expectations and revenue that exceeded them. 

The Denver company reported earnings of 4 cents a share, matching the consensus estimate of analysts surveyed by FactSet. Revenue reached $376 million against the estimate of $360 million. 

For the third quarter, the company expects $385 million in revenue. Analysts in the FactSet survey are expecting third quarter revenue of $379.4 million.

For the full year Palantir more than doubled its expectation for adjusted free cash flow to more than $300 million from $150 million. 

Palantir shares at last check were 13% higher at $25.28. 

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The company's booked contract value more than doubled (up 175%) from a year earlier to $925 million. Customer count jumped 61% in the first half. 

Average revenue from the company's top 20 customers grew to $39 million in the second quarter from $36 million in the first quarter. 

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Earlier this year, Palantir said it was selected by the National Nuclear Security Administration to provide its security platform and related services in an $89.9 million, five-year deal.

Under the contract, the NNSA’s Office of Safety, Infrastructure and Operations said it will use Palantir for “knowledge management and data-driven decision-making” as part of a bigger project on safety, analytics, forecasting, and evaluation reporting.