Palantir stock rose in after-hours trading Monday after the company posted guidance that outpaced analysts' expectations.
The data analytics company posted second-quarter revenue of $533 million and earnings of $0.05 per share, both in line with expectations. Net income swung to a profit of $28 million, from a loss of $179 million a year earlier.
Looking forward, Palantir projects third-quarter revenue of $553 million to $557 million, more than the $552 million expected by analysts. The midpoint of that range would represent 16% growth year-over-year.
Government revenue made up 57% of total revenue, and during the quarter Palantir announced a contract worth up to $463 million contract from the US Special Operations Command
Along with its results, the company also approved a buyback program of up to $1 billion.
Shares of Palantir added 0.9% in extended trading to $18.16..
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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