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Palantir Slips After Earnings Despite Raised Profit Forecast, Citi Sees More Downside By Investing.com

© Reuters Palantir (PLTR) Slips After Earnings Despite Raised Profit Forecast, Citi Sees More Downside
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By Senad Karaahmetovic

Shares of Palantir (NYSE:) are down about 2% in pre-open Monday after the software company reported its third-quarter results.

a Q3 EPS of $0.01 to miss on the analyst estimate of $0.03. Revenue for the quarter came in at $478 million versus the consensus estimate of $474.66 million. The company also reported an adjusted operating margin of 17% and free cash flow of $36.6 million.

For this quarter, Palantir is expecting to post an adjusted operating profit of between $78 million and $80 million on revenue of $504 million (plus or minus $1 million). Analysts surveyed by Bloomberg were expecting $505.9 million in Q4 sales.

On a full-year basis, PLTR sees its adjusted operating profit between $384 million and $385 million, higher than the prior forecast of $341 million to $343 million. The company also reaffirmed its full-year forecast of $1.9 billion, in line with the consensus.

Citi analysts reiterated the Sell rating and a $6 per share price target on PLTR after the company delivered a “less controversial” quarter. The analysts continue to see high valuation, coupled with 2023 risks.

“We see further downside to PLTR with fast decelerating growth and continue uncertainty of government inflection into next year,” they said in a client note.

Story Credit: investing.com

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