Palantir Technologies reported a wider-than-expected fourth-quarter loss. However, the software company expects solid sales for the first quarter and full year.
Palantir incurred 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 year-ago quarter. Analysts polled by FactSet had been expecting a narrower loss, -3 cents a share.
Revenue increased +40% year-over-year to $322 million, and exceeded analysts’ forecasts of $300 million, on the back of new contracts from Rio Tinto, PG&E, BP, the U.S. Army, the U.S. Air Force, the Food and Drug Administration and the U.K.’s National Hospital Service.
For the first quarter of 2021, Palantir projects revenue to grow +45% year-over-year. It expects fiscal 2021 year-over-year revenue growth to exceed +30%