- Palantir posted a net loss of $US148.3 ($191) million or $US0.08 ($0) a share for the last quarter of 2020.
- The data analytics software firm attributed the losses to stock-based compensation and to employer payroll taxes.
- Revenue, however, rose by 40.4% to $US322.1 ($414) million for the company, which went public via direct listing in September 2020.
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Shares of Palantir tumbled as much as 10% on Tuesday after the data analytics company reported a wider than expected loss for the fourth quarter.
The company posted a net loss of $US148.3 ($191) million or $US0.08 ($0) a share for the last quarter of 2020, though narrower than the $US159.3 ($205) million or $US0.29 ($0) a share loss in the same period last year. Analysts polled by Bloomberg had expected positive earnings-per-share of $US0.02 ($0).
Palantir, co-founded by billionaire Peter Thiel in 2003, attributed the losses to stock-based compensation ($US241.8 ($311) million) and to employer payroll taxes ($US18.9 ($24) million). Income from operations for the Denver-based company was $US104.1 ($134) million excluding adjustments.
Revenue, however, rose by 40.4% to $US322.1 ($414) million for the company, which went public in September 2020 through a direct listing. Palantir has inked numerous contracts with firms including Rio Tinto, a global mining group, California power company PG&E, the US Army, and the Food and Drug Administration, among others.
Shares of the company have risen in recent months, driven in part by the Reddit-trading frenzy. Stock prices are up more than 30% in 2021.
For the current quarter, Palantir, expects year-over-year revenue growth of 45% and an adjusted operating margin of 23%. For the full year 2021, it sees year-over-year revenue growth of greater than 30%.