PLTR Stock Falls as Palantir Reports Slowing Sales. Is This the End?

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By Larry Ramer, InvestorPlace.com

  • Palantir (PLTR) stock is sinking sharply in early trading after the company reported higher-than-expected revenue and in-line earnings per share. 
  • The firm slightly raised its 2024 revenue guidance, but the midpoint of the range came in slightly below analysts’ average estimate. 
  • The valuation of PLTR stock is very high, and it is facing a great deal of competition. 

Palantir’s (NASDAQ:PLTR) first-quarter revenue exceeded analysts’ average estimates, and the firm even slightly raised its full-year sales guidance range. However, PLTR stock is tumbling 13% in early trading.

Some on Wall Street are saying that this is a sign that expectations have been too lofty for artificial intelligence (AI) companies. However, evidence suggests that many investors had unrealistic hopes for Palantir, while many other AI stocks are better positioned than Palantir.

Palantir provides data-analysis tools and has built a platform that allows its customers to easily utilize AI.

Palantir’s Q1 Results

Palantir’s revenue from U.S. companies climbed 32% versus the same period a year earlier. However, that was down from the 70% year-over-year increase in the same category that the company had generated in Q4.

Meanwhile, the firm slightly increased its full-year sales guidance range to $2.677 billion – $2.689 billion from its prior outlook of $2.652 billion – $2.668 billion. As a result the midpoint of its guidance range rose to $2.68 billion. However, on average, analysts were expecting the company’s 2024 top line to come in at a slightly higher $2.71 billion.

For Q1, the company’s revenue came in at $608 million, versus analysts’ average estimate of $603 million. On the other hand, Palantir generated earnings per share of 8 cents, excluding some items. The latter figure aligned with analysts’ mean outlook heading into the print.

PLTR Stock: Is This the End of the AI Stocks Rally?

Palantir last year developed a platform that helps government agencies and companies easily integrate AI into their businesses Yet many other firms, such as Accenture (NYSE:ACN), Booz Allen (NYSE:BAH), IBM (NYSE:IBM) and C3.ai (NYSE:AI), are also assisting government agencies and/or private firms with that task.

Consequently, I’ve long viewed the exuberant enthusiasm that many on the Street have had towards Palantir as overdone. Further, heading into today, its forward price-earnings ratio was a very high 81 times, and its price/sales ratio was an extraordinarily elevated 26 times.

Conversely, firms that have developed AI chips and unique AI services for certain sectors tend to face much less competition than Palantir because they have created their products over the course of many years. And cloud-infrastructure giants such as Microsoft (NASDAQ:MSFT) have huge, existing customer bases to which they can sell AI products, while their valuations are much lower than Palantir’s.

Given these points, I don’t believe that today’s retreat by PLTR stock indicates that the rally of AI names has ended.


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