Shares of data integration and software firm Palantir Inc (NYSE: PLTR) have plummeted premarket on Tuesday after the company reported its Q1 earnings showing a widening net loss.
The company reported a net loss of $123.4 million or -$0.07 per share compared to a loss of $54 million or -$0.10 the previous year. The adjusted EPS came in at $0.04 per share.
Revenue for the period rose, beating analyst expectations, coming in at $341 million compared to $229 million in Q1 2020.
Looking ahead, the company expects Q2 revenue to be $360 million, again above analyst expectations and representing year over year growth of 43%.
They also expect annual revenue growth of 30% for 2021 through to 2025.
Palantir's stock price is down 10.45% premarket at $16.54 after a 6.48% fall on Monday. So far in May, Palantir's share price has tumbled over 20%.
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