Palantir (PLTR, $9.82) swung and missed when it reported second-quarter earnings on Monday. While the software company was projected to report a profit of 3 cents per share, it ended up reporting a loss of 1 cent per share.
There’s always a silver lining. Palantir’s revenue came in slightly higher than the expected $471.3m at $473m, a 26% year-over-year increase. Within this total revenue increase, commercial revenue grew by 46%, driven by a 250% increase in its commercial customer count.
In a letter addressed to shareholders, CEO Alexander Karp is requesting patience, stating "the strength and momentum we are seeing with our customers in the United States is a reflection of the refinement and maturation of our software platforms, which we believe will continue leading to increasingly broad adoption across sectors."