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Palantir Shares Tumble Over 13% Despite Revenue Beat and Upgraded Forecast

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Palantir Technologies (PLTR.O) saw its stock plunge more than 13% on Tuesday, as investors reacted negatively to quarterly results and a raised full-year forecast that fell short of Wall Street’s elevated expectations. This comes after the stock had soared 63% year-to-date, following a quadruple gain in 2023, driven by optimism around its AI capabilities and government contracts.

The Denver-based data analytics firm reported first-quarter revenue of $883.9 million, a 39% year-over-year increase, and above analyst expectations of $862.8 million, according to LSEG. U.S. government revenue surged 45%, highlighting continued momentum in federal and defense sectors.

Despite the beat, analysts say the market had already priced in strong performance, leaving little room for upside. “We believe we have reached a point where respectable earnings beats and raised guidance aren’t enough to materially move the stock to the upside,” said Morningstar analyst Mark Giarelli.

Palantir now forecasts 2024 revenue between $3.89 billion and $3.90 billion, up from the prior estimate of $3.74 billion to $3.76 billion. The company also noted a record number of $1 million+ deals, with strong customer growth in U.S. commercial sectors such as healthcare, energy, and automotive.

However, valuation concerns are mounting. Palantir’s 12-month forward P/E ratio stands at 202.07, significantly higher than that of industry peers like Snowflake (131), Datadog (54.81), and Salesforce (23.48). If the stock decline holds, the company is poised to shed over $40 billion from its $292 billion market cap.

Despite the sell-off, at least nine brokerages raised their price targets for Palantir post-earnings, pushing the median target to $96.46 — a sign of continued long-term confidence in the firm’s AI-driven growth.

Italy Tests Starlink Antennas in Embassies, No National Security Deal Yet

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Italy has begun testing Starlink antennas in four of its embassies globally, marking an early experiment in securing communications for government officials, but has not yet entered into any formal national security contract with Elon Musk’s Starlink. According to Luca Ciriani, the country’s Minister for Parliamentary Relations, the antennas are part of trials to test their functionality but are not currently active for official communication.

The right-wing government of Italy is exploring solutions to guarantee encrypted communications between diplomats and defense officials, particularly in high-risk regions. Starlink has emerged as one of the potential providers, but the government’s discussions with Musk’s company have raised concerns. Critics, particularly opposition politicians, have voiced strong opposition, questioning the prudence of allowing a foreign businessman with ties to U.S. President Donald Trump to handle a sensitive aspect of the nation’s security.

As of now, the antennas have been installed in embassies in Burkina Faso, Bangladesh, Lebanon, and Iran, but none have been used for active communication. The government confirmed that the antennas were only activated for testing purposes, with plans to suspend and potentially reactivate them when needed.

Ciriani emphasized that the antennas would not be used to transmit classified information and that Italy has not entrusted any critical infrastructure to Starlink. The trials have been conducted through third-party contracts, not a direct agreement between Italy and SpaceX, the parent company of Starlink.

Starlink, with a constellation of 6,700 satellites, is the leading player in the satellite communications industry. However, Eutelsat, a Franco-British competitor managing around 650 low Earth orbit satellites, is also in discussions with the Italian government. Reports suggest that Italy is considering a potential five-year contract worth 1.5 billion euros ($1.63 billion) for satellite communication services.

Musk’s Starlink Denies Intent to Take Over FAA Air Traffic Contract

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SpaceX, the rocket company owned by Elon Musk, has denied media reports suggesting that its Starlink satellite unit intends to take over any Federal Aviation Administration (FAA) telecommunications contract. On Wednesday, SpaceX clarified that Starlink’s role is to potentially serve as a partial solution to the FAA’s aging system.

“Starlink is a possible partial fix to an aging system. There is no effort or intent for Starlink to ‘take over’ any existing contract,” SpaceX stated on X (formerly Twitter). The company further explained that it is working alongside L3Harris Technologies and the FAA to explore how Starlink could enhance aviation safety by upgrading infrastructure.

The FAA confirmed it is testing Starlink systems at various sites as part of a broader effort to modernize the U.S. air traffic control infrastructure, which has been deemed outdated. The Government Accountability Office (GAO) has warned that about one-third of the FAA’s air traffic control systems are unsustainable and in need of urgent replacement.

The FAA emphasized that it is testing Starlink and other technologies through its Telecommunications Infrastructure program, managed under a contract with L3Harris. While reports have suggested that Starlink could potentially replace Verizon’s existing $2.4 billion contract, the FAA has stated that no decision on the contract’s future has been made yet.

The testing of Starlink at FAA facilities, including those in Alaska, Oklahoma City, and Atlantic City, is part of efforts to improve communication systems and restore reliable access to weather information for pilots.

Transportation Secretary Sean Duffy also highlighted that while Starlink could be a part of the solution, it is not the sole answer to the FAA’s modernization needs.