Palantir Growth Slows, Sending Stock Down More Than 20%

Palantir said there is potential upside to that view, including as it responds to developing geopolitical events. Still, the outlook spooked investors, and Palantir became the latest tech company whose shares were battered by projections of a business slowdown.

The view came as Palantir reported that sales in the first quarter rose 31% to $446.4 million, slightly beating analysts’ expectations. The company posted a quarterly loss of $101.4 million, or 5 cents a share, narrowing from the company’s loss of $123.5 million, or 7 cents a share, a year earlier.

Stripping out items such as stock-based compensation, the company said adjusted earnings were 2 cents a share, below the 4 cents a share expected by analysts surveyed by FactSet.

Palantir stock fell more than 20% in recent trading to $7.54 after earlier hitting a 52-week low. The stock is down more than 58% so far this year.

Chief Executive

Alex Karp

said in a wide-ranging video statement released after the company’s earnings that Palantir is built to thrive in both good and bad times. “We are playing a critical, crucial and much bigger role than we’re allowed to mention or would ever discuss in public in current events,” Mr. Karp said.

Mr. Karp also touched on things ranging from the metaverse, an extensive online world where people interact via avatars, to the chances of a nuclear conflict.

“We at Palantir are not fleeing to a different world, whether it’s the meta world or a theological world or a financial version of a theological world or a grad-school version of a theological world,” Mr. Karp said in the video.

Write to Will Feuer at [email protected]