Palantir (NYSE:PLTR) reported second-quarter results before the bell Monday that showed a loss per share compared with projections for earnings, but the company beat analysts’ revenue expectations.
The company sustained a loss of one cent, compared to the expected earnings of three cents expected.
Revenue was posted at $473 million vs. $471.3 million expected
Palantir’s revenue for the quarter increased 26% year over year, and its commercial revenue grew 46%. The software company, which is known for its work with the government, said its commercial customer count increased 250% year over year, growing from 34 customers to 119.
CFO David Glazer told the media the company’s miss was due to a decline in investments and marketable securities. Glazer said commercial growth is widespread.
In a letter to shareholders, CEO Alexander Karp said he believes the company’s most significant growth is yet to come.
“The strength and momentum we are seeing with our customers in the United States is a reflection of the refinement and maturation of our software platforms, which we believe will continue leading to increasingly broad adoption across sectors,” he said.
Palantir expects to report revenue between $474 million and $475 million for its third quarter, and between $1.9 billion and $1.902 billion for the full year.
Glazer said Palantir’s weak guidance is due to the “lumpiness” of government work, but that he is confident in the company’s pipeline.
PLTR shares were walloped $1.72, or 15%, to $9.73.