Palantir shares fell about 6 per cent on Tuesday after its third-quarter results, as analysts pointed to slower growth in the value of new contracts, CNBC reports. The data analytics and AI software firm said revenue nearly doubled from a year earlier to more than $2 billion, and US commercial sales overtook government work for the first time.
However, total contract value signed in the US commercial segment rose only 11 per cent to $1.5 billion, after a record $2.1 billion in the previous quarter. Goldman Sachs analysts said the company linked this partly to shorter contract lengths, while Piper Sandler said it still believed demand outstripped supply. Apple shares also fell more than 2 per cent after its first results under new chief executive John Ternus, with a weaker margin forecast disappointing investors.
Source: CNBC