PLTR - Why Palantir Technologies Crashed on Tuesday
2024-05-07 15:25:27 ET
Shares of Palantir Technologies (NYSE: PLTR) fell like a rock on Tuesday, tumbling as much as 15.3%. As of 2:58 p.m. ET, the stock was still down 14.4%.
The catalyst that sent the artificial intelligence (AI) and data mining specialist plunging was the company's quarterly report.
For the first quarter, Palantir generated revenue that grew 21% year over year and 4% sequentially to $634 million. The top line was fueled by strong U.S. commercial revenue, which jumped 40% to $150 million. This marked the company's sixth consecutive quarter of profits under generally accepted accounting principles (GAAP) . As a result, adjusted earnings per share (EPS) of $0.08 climbed 60%.
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Why Palantir Technologies Crashed on Tuesday