Palantir Posts Surprise Loss but Sees Strong Sales Growth Ahead
Palantir Technologies (PLTR) - Get Report posted a surprise fourth-quarter loss on Tuesday, but said it expects sales for the first quarter and full year of 2021 to come in strong.
Denver-based Palantir posted a net loss of $148.3 million, or 8 cents a share, vs. a loss of $159.3 million, or 29 cents a share, in the comparable year-earlier period. Analysts polled by FactSet had been expecting a loss of 3 cents a share.
Revenue was $322 million, up 40% from $229.3 million a year ago and ahead of analysts’ forecasts of $300 million, thanks to new contracts from the likes of Rio Tinto (RIO) - Get Report, PG&E (PCG) - Get Report, BP (BP) - Get Report, the U.S. Army, the U.S. Air Force, the Food and Drug Administration and the U.K.’s National Hospital Service, or NHS.
For the first quarter of 2021, Palantir said it expects year-over-year revenue growth of 45%. It estimated fiscal 2021 year-over-year revenue growth of greater than 30%.
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