Palantir’s Latest Move Is a Head-Scratcher
Palantir Technologies (NYSE:PLTR) CEO Alex Karp is certainly an unconventional executive. The self-described socialist known for his colorful outfits now finds himself among the richest Americans, with a net worth north of $2 billion.
To date, Karp’s eccentricities have worked well for Palantir. The company went public last year via a direct listing and now finds itself more than 230% higher than its $7.25 reference price. However, not all unconventional decisions are brilliant — Palantir’s latest move appears not to make any sense.
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A golden purchase
Palantir’s second-quarter earnings were well-received by Wall Street. The company topped analyst expectations for the bottom line by reporting adjusted earnings per share of $0.04 and significantly beat top-line estimates of $353 million by booking $375 million in sales.
Palantir is clearly executing on its land and expand strategy, winning clients then deepening its relationships by adding services, growing revenue by 49% over the prior year, and winning 20 net new customers.