Palantir Technologies Inc posted its slowest quarterly growth in revenue since going public in 2020 due to weak demand for its data analytics software in Europe, while a strong dollar weighed on its profit, sending its share down 8.5% on Monday.
The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. REUTERS/Arnd Wiegmannposted its slowest quarterly growth in revenue since going public in 2020 due to weak demand for its data analytics software in Europe, while a strong dollar weighed on its profit, sending its share down 8.5% on Monday.
But in the third quarter, revenue from the segment declined nearly 3% to $204 million from the previous three months, raising doubts among Wall Street analysts about sustained revenue from commercial deals amid rising cost of borrowing. The company once again leaned on renewals and expansions of existing U.S. military deals in the third quarter, which helped it close about $1 billion in government contracts.
"We saw some improvement in backlog, but government only grew by 4% quarter-over-quarter and commercial was actually down quarter-over-quarter, which is not something we want to see in a subscription model," RBC Capital Markets analyst Rishi Jaluria said.
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