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Palantir reports 52% sales growth in first earnings statement since public market debut

Palantir held its highly-anticipated direct listing in September and is now trying to show investors it can expand its customer base.

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A person poses in front of a banner featuring the logo of Palantir Technologies (PLTR) at the New York Stock Exchange (NYSE) on the day of their initial public offering (IPO) in Manhattan, New York City, U.S., September 30, 2020.

Andrew Kelly | Reuters

Palantir, the maker of software and analytics tools for the defense industry and large corporations, reported 52% revenue growth in its first earnings announcement since going public in September.

The stock bounced around in extended trading, falling more than 8% before bouncing back and gaining more than 1%. It plunged 8.7% during the regular trading day.

Here are the key numbers:

  • Earnings: Loss of 94 cents per share vs loss of 24 cents a year earlier.
  • Revenue: $289.4 million vs $279.4 million expected, according to analysts polled by Refinitiv.

For the third quarter, the company reported an operating loss of $847.8 million due to an $847 million charge for stock-based compensation.

Palantir raised its full-year revenue guidance to between $1.07 billion and $1.072 billion, which would represent 44% growth from a year earlier. The company previously said sales for the year would reach $1.06 billion. Adjusted operating income in 2020 is expected to be between $130 million and $136 million.

Co-founded in 2003 by tech investors Peter Thiel and Joe Lonsdale, CEO Alex Karp and others, Palantir provides data analytics software and services to government agencies, including the Defense Department, the U.S. Food and Drug Administration and the intelligence community. It also sells to companies like aircraft manufacturer Airbus and energy producer BP.

Palantir’s stock opened at $10 in its direct listing on Sept. 30, and has since climbed 46% to close at $14.58 on Thursday. Investors are paying close attention to the company’s customer base, which was limited to 125 in the first half of 2020. As the company focuses more on software and less on services, it’s trying to make it easier for clients to start using the product so it can expand its reach and bring down sales costs.

“Our customer concentration is decreasing,” the company said in the release. Palantir said that 61% of its revenue for the first nine months of the year came from its top 20 customers, down from 68% over the same stretch in 2019. The company didn’t provided an updated customer count.

The company also said that new contracts in third quarter included a $91 million deal with the U.S. Army, a $36 million contract with the National Institutes of Health $36 million and a $300 million renewal with an aerospace customer.

In the earnings call, Palantir said that commercial revenue 35% to $127 million, while sales to government agencies rose 68% to $163 million. That means revenue from government clients increased to 56% of total revenue from 54% in the first half of the year.

WATCH: Full interview with Palantir co-founder Joe Lonsdale on company outlook

Here are the key numbers:

Source: https://www.cnbc.com/2020/11/12/palantir-reports-t.html

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Source: https://www.cnbc.com/earnings/

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Stitch Fix shares surge as online styling service reports surprise profit

Stitch Fix shares jumped after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

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The Stitch Fix application for download in the Apple App Store on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Saturday, June 5, 2021. Stitch Fix Inc. is scheduled to release earning on June 7.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Stitch Fix shares jumped 14% in extended trading Tuesday after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Consumers have been splurging on new outfits in recent months, as many head back to school and return to social gatherings. Some have also citied the need for new clothes after either gaining or losing weight during the Covid pandemic.

Here’s how Stitch Fix did compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 19 cents vs. a loss of 13 cents expected
  • Revenue: $571.2 million vs. $548 million expected

Net income attributable to shareholders was $28 million, or 19 cents per share, in the latest period. A year ago, it posted a net loss of $44.5 million, or 44 cents a share. Analysts had been looking for the company to book a loss of 13 cents per share.

Revenue grew to $571.2 million from $443.4 million a year earlier. That was better than analysts’ expectations for $548 million.

Stitch Fix reported nearly 4.2 million active clients, up 18% from a year earlier. The company said net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, Stitch Fix said, as they have more brands and price points to choose from.

Stitch Fix defines active clients as people who either ordered a “Fix” subscription or bought an item directly from its website in the preceding 52 weeks from the final day of the quarter.

The company also said it had its lowest ever churn rate at the end of the period, meaning its customers are sticking around.

Last month, Stitch Fix finally opened up its direct-buy option, which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing, without needing to sign up for a subscription.

CEO Elizabeth Spaulding said this should help Stitch Fix grow its addressable market in the year ahead. The company’s next initiative will be to market and raise broader awareness around the offering, she said. Stitch Fix is preparing to roll out a national advertising campaign on the debut.

Early indications are that “Freestyle” is meaningfully accretive to the company’s revenue per active client metric, Spaulding told analysts on a conference call.

“Clients have agency, flexibility and choice while also experiencing a highly personalized shopping experience,” Spaulding said.

For its fiscal first quarter, Stitch Fix said it sees sales in a range of $560 million to $575 million. That’s below analysts’ expectations for $588 million.

For the upcoming fiscal year, Stitch Fix anticipates sales rising 15% or more from the prior year. Analysts polled by Refinitiv had been looking for an 18% increase.

While the entire retail industry is working through supply chain complications, Stitch Fix said it is seeing a small impact, but nothing that will hurt the business in the fall and winter months. The company said it is less reliant on Vietnam, where manufacturing has largely come to a standstill due to ongoing pandemic lockdowns in the region.

As of Tuesday’s market close, Stitch Fix shares have fallen nearly 39% this year. The company has a market cap of $3.8 billion.

Find the full press release from Stitch Fix here.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Source: https://www.cnbc.com/2021/09/21/stitch-fix-sfix-q4-2021-earnings.html

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Earnings

Corporate Company Earnings, Find Earnings Per Share and Earnings History Online

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© 2021 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Market Data Terms of Use and Disclaimers

Data also provided by Reuters

Source: https://www.cnbc.com/earnings/

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