Palantir Technologies (NYSE:PLTR) shares plunged on Monday, as the data analytics software company posted mixed first-quarter results and said revenue for the second quarter would come in well below estimates, prompting investors to worry about a slowdown in growth.
For the second quarter, Palantir (PLTR) said it expects $470 million in sales, compared to estimates of $483.76 million. The company caveated that figure, noting that "there is a wide range of potential upside to our guidance, including those driven by our role in responding to developing geopolitical events."
For the first quarter ending March 31, Palantir (PLTR) earned an adjusted $0.02 per share on $446 million in revenue, up 30.8% year-over-year. Analysts were expecting the company to earn an adjusted $0.04 per share on $443.51 million in revenue.
During the period, Palantir (PLTR) said it grew commercial revenue 54% year-over-year, including 136% growth in the U.S.
Palantir (PLTR), which has primarily worked with the U.S. government, said it grew its customer count 86% year-over-year as it expands its business.
For the full-year, Palantir (PLTR) said it expects adjusted operating margins to be around 27%.
Last month, investment firm Piper Sandler raised its price target on Palantir (PLTR), noting it should see "rapid growth" in its U.S. government business.