Palantir Technologies (NYSE:PLTR) Stock Reaches Bottom: More To Come?
6:40 pm Monday, August 30th, 2021
There are plenty of investors who are on the lookout for stocks in companies that are growth monsters and one of those is the Palantir Technologies (NYSE:PLTR) stock. The big data analytics company has managed to record impressive revenue growth yet against in the second fiscal quarter amidst a handsome growth in contracts.
The company announced its financial results for the second fiscal quarter yesterday and any fears about the slowdown in growth were allayed. Palantir managed to beat Wall Street revenues estimates of $352.3 million comfortably and improved on the performance in the prior-year period by as much as 49%. On the other hand, the earnings per share, after the exclusion of certain items, came in at 4 cents a share and that was in line with the mean estimate.
However, that was not all. The company also announced that it expects to generated revenues of $385 million in the next quarter and that is again higher than the average analyst estimate of $376 million. There were some other interesting insights as well that indicate that Palantir’s business is growing at an explosive pace.
The company noted that in 2021 its free cash flow is expected to hit levels higher than $300 million and that reflects a massive jump from the $150 million in free cash flow in 2020. The company is asset-light and its business is growing at a fast clip. Hence, it is likely going to come on to the radars of many investors. However, investors could consider waiting for a dip before deciding on a course of action.
