By Dhirendra Tripathi
Investing.com -- Palantir Technologies stock (NYSE:PLTR) was up 8% in Thursday’s premarket trading as the company raised its annual guidance following its second-quarter results that beat expectations.
The company now expects adjusted free cash flow in excess of $300 million, up from ‘in excess $150 million’ it had projected earlier. It also reiterated its annual revenue growth of 30% or greater for 2021 through 2025.
The software company, focused on defense contracts from government agencies, aviation, healthcare and financial services, grew its second-quarter revenue by 49% $376 million.
Higher operating expenses such as R&D, sales and marketing and general administrative costs dented the growth in revenue and widened the April-June loss to $138.58 million from 2020 quarter’s $110.45 million.
Adjusted earnings per share on a diluted basis came at 4 cents and were higher than estimated.
It closed 62 deals of $1 million or more, of which 30 deals are worth $5 million or more and 21 deals carry potential revenue of $10 million each or more.
The data integration services company added 20 new customers in the quarter with total base growing 13% quarter over quarter.
During the quarter, Palantir won an $89.9 million order from the National Nuclear Security Administration. NNSA is a semi-autonomous agency within the U.S. Department of Energy, responsible for enhancing national security through the military application of nuclear science.
Under the five-year contract – its first with NNSA -- Palantir will provide NNSA’s Office of Safety, Infrastructure, and Operations a platform for knowledge management and data-driven decision-making.