Palantir Technologies (NASDAQ: PLTR) shares were quoted nearly 8% lower early Tuesday after the company’s third-quarter earnings, released after Monday’s market close, showed slower growth in newly signed contract value and a decline in long-term remaining performance obligations despite revenue rising 96%.
The stock traded near $164.15 at 08:00 a.m. ET, approximately 8% below Monday’s closing price, according to Yahoo Finance. Palantir reported quarterly revenue of $2.313 billion and adjusted earnings of $0.44 per share, both exceeding analysts’ expectations.
However, total contract value (TCV) grew just 6% YoY to $2.918 billion, versus 49% growth in the second quarter. U.S. commercial TCV rose 11% to $1.463 billion, down sharply from 153% annual growth in the previous quarter.
The slowdown was also evident in quarterly comparisons. Total contract value was approximately 13.5% lower than the second-quarter figure of $3.373 billion, while U.S. commercial TCV was about 31.4% lower than its second-quarter level of $2.132 billion. Palantir closed 212 deals worth at least $1 million, down from 220 in the second quarter.
TCV measures the potential value of signed contracts, including unexercised customer options, rather than revenue the company has recognized.
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The stock traded near $164.15 at 08:00 a.m. ET, approximately 8% below Monday’s closing price, according to Yahoo Finance. Palantir reported quarterly revenue of $2.313 billion and adjusted earnings of $0.44 per share, both exceeding analysts’ expectations.
However, total contract value (TCV) grew just 6% YoY to $2.918 billion, versus 49% growth in the second quarter. U.S. commercial TCV rose 11% to $1.463 billion, down sharply from 153% annual growth in the previous quarter.
The slowdown was also evident in quarterly comparisons. Total contract value was approximately 13.5% lower than the second-quarter figure of $3.373 billion, while U.S. commercial TCV was about 31.4% lower than its second-quarter level of $2.132 billion. Palantir closed 212 deals worth at least $1 million, down from 220 in the second quarter.
TCV measures the potential value of signed contracts, including unexercised customer options, rather than revenue the company has recognized.
#CryptoNewss