Palantir Craters Most Since 2020 on Wider-Than-Expected Loss
- Loss was $101 million, or 5 cents a share, in first quarter
- Sales forecast for second quarter is at least $470 million
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Palantir Technologies Inc. shares plummeted as much as 22% on Monday, the biggest intraday drop since September 2020, after the software maker reported mounting losses and a disappointing sales forecast.
The company lost $101 million in the first quarter, a sign it’s struggling to improve margins by offering more automated data analysis software. The net loss was an improvement over the same period a year ago but wider than analysts expected. The loss was 5 cents a share, the company said in a statement Monday.