Palantir (PLTR) Reports Q1: Everything You Need To Know Ahead Of Earnings

Data-mining and analytics company Palantir (NYSE:PLTR) will be reporting results tomorrow after market close. Here's what to look for.

Palantir met analysts' revenue expectations last quarter, reporting revenues of $608.4 million, up 19.6% year on year. It was a solid quarter for the company, with an impressive beat of analysts' billings estimates and management forecasting accelerating growth.

Is Palantir a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Palantir's revenue to grow 17.6% year on year to $617.6 million, in line with the 17.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.08 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Palantir has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 0.9% on average.

Looking at Palantir's peers in the data and analytics software segment, only Commvault Systems has reported results so far. It beat analysts' revenue estimates by 5.1%, delivering year-on-year sales growth of 9.7%. The stock traded up 3.2% on the results.

Read our full analysis of Commvault Systems's earnings results here.

Inflation progressed towards the Fed's 2% goal at the end of 2023, leading to strong stock market performance. The start of 2024 has been a bumpier ride as the market switches between optimism and pessimism around rate cuts thanks to mixed inflation data, and while some of the data and analytics software stocks have fared somewhat better, they have not been spared, with share prices down 3.1% on average over the last month. Palantir is up 2.3% during the same time and is heading into earnings with an average analyst price target of $20.5 (compared to the current share price of $23.52).

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