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Palantir (PLTR) Stock Rises 9% Following Q2 Earnings Release

Sam Boughedda trader
Updated 12 Aug 2021

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Palantir Technologies (NYSE: PLTR) shares are up over 9% premarket on Thursday after announcing its financial results for the second quarter.

The company's Q2 highlights include total revenue growing 49% year-over-year to $376 million and US commercial revenue growing 90% year-over-year. Additionally, the company closed 62 deals of $1m or more, of which 30 deals were $5m or more, and 21 deals were $10m or more.

The firm also added 20 new customers in the second quarter, with total customers up 13% quarter-over-quarter.

Read: Palantir Stock Forecast

Adjusted Earnings Per Share matched the Wall Street consensus at $0.04 per share, with the company anticipating free cash flow over $300m for the entire year of 2021.

The first half of 2021 shows total revenue growing 49% year-over-year to $717m, adding a free cash flow of $201m.

Third-quarter guidance includes expected revenue of $385m and annual revenue growth of 30% or greater for 2021 through 2025.

Palantir's financial results caused its share price to climb 9.13% to $24.39 premarket.

Should you invest in Palantir shares?

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.