By Sam Boughedda
Investing.com — Palantir Technologies Inc (NYSE:PLTR) stock fell nearly 9% after earnings that mostly met to slightly beat expectations, though showed slowing revenue growth.
The data analytics company reported earnings per share of 4 cents on revenue of $392 million. Analysts polled by Investing.com anticipated EPS of 4 cents on revenue of $385 million.
Revenue grew 36% year-over-year. However, it slowed from the previous two consecutive quarters of 49% growth.
Palantir added 34 net new customers in Q3, with commercial customers rising 46% quarter-over-quarter. In addition, it closed 54 deals of $1 million or more, including 33 deals $5 million or over and 18 deals $10 million or more.
The software and analytics company also increased fourth quarter revenue guidance to $418 million, above estimates of $401.87 million. For the full year, Palantir expects revenue growth of 40%, to $1.527 billion.
The company also reaffirmed that it anticipates 30% or more annual revenue growth for 2021 through 2025.
Despite the revenue beat Palantir's earnings sparked a sell-off in its shares. They opened up the session well below Monday's close at $25.90 and are currently down at the $24.39 level.