Palantir Stock Tumbles After Annual Forecast Disappoints

Outlook data software reflects the sharp challenge facing the company when fewer customers are ready to open their wallet. The stock's fall on Monday was the biggest intraday fall since May

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Adjusted income on revenues of about $1.9 billion in 2022 would be about $342 million, excluding any major future contracts with the U.S. government, Palantir said in a statement on Monday.

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Analysts expected an adjusted income of $527.9 million on average to $1.98 billion in revenue, according to estimates compiled by Bloomberg.

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Snowflake Inc. And increasing competition from other software companies, especially those with a large cloud presence, could hamper Palantir's ability to sell businesses.

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Alex Karp, the chief executive officer who co-founded the company with billionaire Peter Thiel, was dismissing concerns about second-quarter performance. "We run this company as owners.

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Since the beginning of selling data analysis tools to the U.S. Central Intelligence Agency in 2004, Palantir has won dozens of contracts with other government agencies in the U.S. and allied countries.

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has used its software to respond to the COVID-19 pandemic and to catch tax fraud and, more controversially, collect public health records and meet immigration enforcement.

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has used its software to respond to the COVID-19 pandemic and to catch tax fraud and, more controversially, collect public health records and meet immigration enforcement.

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Palantir's commercial business is smaller than its own government, and expanding that unit has become a top priority and has been immediately increased since it went public in 2020.

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