Yasin Ebrahim
Investing.com - Palantir Technologies (NYSE:PLTR) fell 1.3$ in after-hours trading Thursday after the data analytics company raised its annual guidance for the year but reported a wider-than-expected third-quarter loss on higher costs.
The company maintained its 30% revenue growth for next year, but raised its revenue guidance for 2020 to a range of $1.070 billion to $1.072 billion, up 44% year-over-year, while adjusted operating income is expected to be $130 million to $136 million.
In the third quarter, Palantir widened its loss to 94 cents share from 42 cents as revenue was up 52% to $289.4 million year-over-year. That compared with analysts estimates for a loss of 3 cents on revenue of $279.1 million.
The jump in revenue was led by new contract wins and higher average revenue per customer, though was offset by higher marketing and R&D costs.
New contracts in third quarter include U.S. Army ($91 million), National Institutes of Health ($36 million), and $300 million renewal with aerospace customer, the company said.
Average revenue per customer through the first nine months of 2020 was $5.8 million, up 38% on the year.
Looking ahead to the fourth quarter, the company maintained its forecasts on revenue of between $299 million and $301 million and adjusted operating profit of $44-to-$50 million.
The company made its debut on New York Stock Exchange debut on Wednesday, after years of speculation, via a direct listing and without the usual razzmatazz surrounding a traditional IPO.