Palantir Technologies Inc. shares rallied Thursday after the data-analytics company’s revenue and outlook topped Wall Street estimates.
shares surged as much as 15.2% in morning trading, and were on track for their best one-day performance since Feb. 19, when they gained a little more than 15%. The company went public through a direct listing in late September, with shares finishing up more than 30% above their reference price at $9.50 on their first day of trading.
The company reported a second-quarter loss of $138.6 million, or 7 cents a share, compared with a loss of $110.5 million, or 17 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 4 cents a share, compared with a penny a share in the year-ago period.
Revenue rose to $375.6 million from $251.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast 4 cents a share on revenue of $360.3 million.
Total remaining deal value rose 63% to $3.4 billion at the end of the second quarter, according to the company. Palantir said its total contract value bookings surged 175% to $925 million from the year-ago period, while second-quarter billings rose 40% to $379 million.
The company increased its adjusted free cash-flow guidance to more than $300 million, up from a previous $150 million or more, while analysts had forecast $158.4 million. Palantir said it went from burning through $232 million on an adjusted basis in the second half of 2020, to positive cash flow of $201 million in the first half of 2021.
Palantir forecast revenue of $385 million for the third quarter, while analysts expect $379.4 million.
The company held to its long-term forecast revenue growth of 30% or more for 2021 through 2025. Analysts forecast revenue of $1.48 billion for 2021, or 36% above the $1.09 billion the company reported in 2020.
Palantir shares have gained 5.6% so far this year, as the S&P 500 index
has gained 18.4%.