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takamasa1867

takamasa1867

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2022-01-05

$SINGAPORE EXCHANGE LIMITED(S68.SI)$Any idea when they would give their next dividend?

2021-12-27

$Allakos Inc.(ALLK)$chances of rebound?

2022-01-28

$Apple(AAPL)$ LOOK OUT BUY THE RUMOUR SELL THE NEWS!Dont be like $Tesla Motors(TSLA)$

2022-01-02

$EVERGRANDE(03333)$good buy?

2022-02-05

Opportunity

Palantir: Red Flag Or Opportunity?

2022-05-10

$Tesla Motors(TSLA)$ No idts but def top 5

2022-01-06

Honestly its just the big trying to stay big the big trying to protect their reputation

Google Pays Apple Billion Of Dollars To Keep Cupertino Out Of Search Business: Lawsuit Alleges

2022-04-01

$UOB-KAY HIAN HOLDINGS LIMITED(U10.SI)$best and stable

2021-12-27

$Apple(AAPL)$When is the best time to buy an APPR stock?Some might argue that now is an all time highand its quite risky to get one.But i feel that long term wise with apple expanding to other industries, there is a brighter future ahead for Apple.

2021-12-24

After the 90 percent plunge of Allakos Inc, it fell all the way up till about 8 USD at its lowest. Recently there were signs that it might rebound. What do you think?

Go to Tiger App to see more news

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Nio Stock Is Exploding Ahead of Earnings","htmlText":"What happened Nio(NIO7.45%)<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> stock bounced back sharply this morning and was surging as high as 8% as of 11:30 a.m. ET. A rival just made a huge growth move in the only international market Nio is targeting, but investors are placing big bets on Nio ahead of earnings and on speculation of the launch of a new car model in the coming weeks. So what Nio will report its fourth-quarter and full-year 2021 earnings on March 24 after market close. Thestock sank yesterdayafterDeutsche Bank&nbsp;analyst Edison Yu slashed his price target on Nio stock to $50 a share from $70 per share to factor in geopolitical and supply chain risks. Nio also faces thethreat of getting delistedfrom the U.S. stock exchange alongside other Chinese stocks. Yu also exp","listText":"What happened Nio(NIO7.45%)<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> stock bounced back sharply this morning and was surging as high as 8% as of 11:30 a.m. ET. A rival just made a huge growth move in the only international market Nio is targeting, but investors are placing big bets on Nio ahead of earnings and on speculation of the launch of a new car model in the coming weeks. So what Nio will report its fourth-quarter and full-year 2021 earnings on March 24 after market close. Thestock sank yesterdayafterDeutsche Bank&nbsp;analyst Edison Yu slashed his price target on Nio stock to $50 a share from $70 per share to factor in geopolitical and supply chain risks. Nio also faces thethreat of getting delistedfrom the U.S. stock exchange alongside other Chinese stocks. Yu also exp","text":"What happened Nio(NIO7.45%)$NIO Inc.(NIO)$ stock bounced back sharply this morning and was surging as high as 8% as of 11:30 a.m. ET. A rival just made a huge growth move in the only international market Nio is targeting, but investors are placing big bets on Nio ahead of earnings and on speculation of the launch of a new car model in the coming weeks. So what Nio will report its fourth-quarter and full-year 2021 earnings on March 24 after market close. Thestock sank yesterdayafterDeutsche Bank analyst Edison Yu slashed his price target on Nio stock to $50 a share from $70 per share to factor in geopolitical and supply chain risks. Nio also faces thethreat of getting delistedfrom the U.S. stock exchange alongside other Chinese stocks. Yu also exp","images":[{"img":"https://community-static.tradeup.com/news/2d89b19dd282dbe1341082493355d3da","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037353168","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037202460,"gmtCreate":1648106026142,"gmtModify":1676534304883,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"Haha","listText":"Haha","text":"Haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037202460","repostId":"1181476510","repostType":4,"repost":{"id":"1181476510","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1648105275,"share":"https://ttm.financial/m/news/1181476510?lang=en_US&edition=fundamental","pubTime":"2022-03-24 15:01","market":"other","language":"zh","title":"Russia resumes some stock trading, Russia's MOEX index opens up 1.3%","url":"https://stock-news.laohu8.com/highlight/detail?id=1181476510","media":"老虎资讯综合","summary":"莫斯科证券交易所今日恢复33只股票交易，俄罗斯MOEX指数开盘涨1.3%。自2月25日起，俄罗斯股市一直关闭。此前俄罗斯央行表示，将在莫斯科时间周四上午9点50分至下午2点，恢复部分股票交易。基准股票","content":"<p><html><head></head><body>The Moscow Stock Exchange resumed trading of 33 stocks today, and the Russian MOEX index opened up 1.3%. The Russian stock market has been closed since February 25.</p><p>Earlier, the Central Bank of Russia said it would resume some stock trading from 9:50 a.m. to 2 p.m. Moscow time on Thursday. 33 of the 50 stocks in the benchmark stock index MOEX will be allowed to trade, including shares of Gazprom, Savings Bank of the Russian Federation and others. The Central Bank of Russia also said it would ban short selling of the above 33 stocks.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Russia resumes some stock trading, Russia's MOEX index opens up 1.3%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRussia resumes some stock trading, Russia's MOEX index opens up 1.3%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-03-24 15:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The Moscow Stock Exchange resumed trading of 33 stocks today, and the Russian MOEX index opened up 1.3%. The Russian stock market has been closed since February 25.</p><p>Earlier, the Central Bank of Russia said it would resume some stock trading from 9:50 a.m. to 2 p.m. Moscow time on Thursday. 33 of the 50 stocks in the benchmark stock index MOEX will be allowed to trade, including shares of Gazprom, Savings Bank of the Russian Federation and others. The Central Bank of Russia also said it would ban short selling of the above 33 stocks.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181476510","content_text":"莫斯科证券交易所今日恢复33只股票交易，俄罗斯MOEX指数开盘涨1.3%。自2月25日起，俄罗斯股市一直关闭。此前俄罗斯央行表示，将在莫斯科时间周四上午9点50分至下午2点，恢复部分股票交易。基准股票指数MOEX指数中50只股票中的33只将被允许交易，其中包括俄罗斯天然气工业股份公司、俄罗斯联邦储蓄银行等企业的股票。俄罗斯央行还称，将禁止卖空上述33只股票。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9098102347,"gmtCreate":1644034817292,"gmtModify":1676533884968,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"Opportunity&nbsp;","listText":"Opportunity&nbsp;","text":"Opportunity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9098102347","repostId":"1196927717","repostType":4,"repost":{"id":"1196927717","kind":"news","pubTimestamp":1644033090,"share":"https://ttm.financial/m/news/1196927717?lang=en_US&edition=fundamental","pubTime":"2022-02-05 11:51","market":"us","language":"en","title":"Palantir: Red Flag Or Opportunity?","url":"https://stock-news.laohu8.com/highlight/detail?id=1196927717","media":"Seeking Alpha","summary":"SummaryPalantir has only 203 total customers as of Q3 2021, while just 20 of those customers account","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Palantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.</li><li>Revenue growth in Palantir’s core client cohort slowed to 20% annualized through the first three quarters of 2021 compared to 2020.</li><li>During 2021, Palantir fundamentally transformed its go-to-market strategy. The company is now using its cash to aggressively invest in other companies (Investees) who agree to purchase Palantir’s software.</li><li>Management continues to guide for 30% sales growth through mid-decade. However, Palantir’s 3-phase business model hints at sales trending lower excluding its Investee sales.</li><li>Palantir offers extraordinary long-term growth potential which should place it on the watchlist of all growth investors. The investment case rests on the fulcrum between opportunity and red flags.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd7a77abaec0ea0aa58eebb9ce4b9606\" tg-width=\"1536\" tg-height=\"1187\" width=\"100%\" height=\"auto\"/><span>agawa288/iStock via Getty Images</span></p><p>I am assigning Palantir (NYSE:PLTR) a neutral risk/reward rating as the long-term growth opportunity is counterbalanced by near-term red flags. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, a number of notable red flags warrant caution. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error.</p><p><b>Risk/Reward Rating: Neutral</b></p><p>Palantir has an unusual business model compared to its peers in the enterprise software sector in regard to how it acquires and grows its customer base. The company categorizes its customers according to three phases of development or cohorts: (1) Acquire, (2) Expand, and (3) Scale. While they are generic terms that are applicable to all businesses, they are unique in the case of Palantir due to how the company approaches its customers.</p><p><b>Customer Detail</b></p><p>Palantir defines a customer in the Acquire cohort as one that has generated less than $100,000 of revenue as of year-end while being unprofitable to Palantir. The Expand cohort is characterized by a customer that generated more than $100,000 of sales yet remained unprofitable. Finally, the Scale cohort is defined as a customer that has generated more than $100,000 of revenue while being a profitable relationship for Palantir during the year.</p><p>The following tables were compiled from Palantir’s Q3 2021 10-Q filed with the SEC. The first table displays Palantir’s 2020 sales from each of the client cohorts which were categorized at the end of 2020 (2020 Revenue). In the 2021 Annualized column, you will find the sales of each of these 2020 customer cohorts through Q3 2021 annualized. In the second set of tables, I have compiled key details regarding Palantir’s largest customers over the past twelve months, as well as critical details pertaining to customers that are new to Palantir in 2021 which are not yet assigned to a cohort. Cohort categorization occurs at the end of each year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e38ee31a1d6e826d2d02216e39ac570\" tg-width=\"640\" tg-height=\"151\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4dc61112528e104ef0d3a8dc80f89d1\" tg-width=\"581\" tg-height=\"481\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>For ease of comparison, I have color-coded the information that is related. One of the dominant realities for Palantir is its concentrated customer base, which is highlighted in blue. Palantir has only 203 customers, with the top 20 accounting for 58% of sales.</p><p>By definition, Palantir’s largest customers are in the Scale cohort. Through the first three quarters of 2021, the Scale cohort (categorized as such at the end of 2020) is growing at an annualized rate of 20%. Given that this group accounts for 86% of Palantir’s revenue, it will be challenging to move the sales growth needle materially above 20% without explosive growth from the other two cohorts or a material acceleration from the Scale cohort. It should be noted that management is guiding to 30% annual sales growth through mid-decade.</p><p>The 2020 year-end Acquire and Expand cohorts are highlighted in yellow in the upper table. New customers in 2021 will not be assigned to a cohort until the year-end Palantir report. I have highlighted the pertinent 2021 new customer data in yellow for easy comparison to the 2020 Acquire and Expand customer cohorts. I view the 2021 new customer sales performance excluding sales to Investees to be a sustainable core growth rate. The Investee customer acquisition strategy is extraordinarily unusual and carries an exceedingly high capital risk which introduces reputational and, therefore, brand risk.</p><p>Please note that Investee here refers to customers that Palantir has purchased the stock of in return for the Investee using Palantir’s software. Meaning, the revenue from Investees is a reciprocation of Palantir investing in the shares of these customers. In this respect, these are not arm’s-length transactions. I believe the new client numbers excluding sales to Investees is an important data point for ascertaining a purely market-based new customer growth rate.</p><p>Similar to the Scale cohort growth rate annualizing at 20% in 2021, the new customer sales growth rate is annualizing at 22% through Q3 2021 compared to the $20.6 million of sales from the Acquire and Expand cohorts of 2020. While this is not a perfect comparison for sales growth from new customers, it is a fair estimation. As a result, Palantir appears to be trending toward an underlying sales growth rate closer to 20% than the company’s 30% sales growth guidance through mid-decade.</p><p><b>Investees</b></p><p>It is important to step back and review Palantir’s investments in Investees as this is an extraordinarily unusual go-to-market strategy for customer acquisition. The above numbers, which suggest revenue growth is trending toward 20%, place Palantir’s use of its balance sheet cash to fund new customers in a new light. The following tables were compiled from Palantir’s Q3 2021 10-Q. The first table lists companies that Palantir has funded as of the end of Q3 2021. The second table displays Palantir’s investment commitments to new companies that are not yet funded.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4dda111182479c1fbaddc642369e4bd3\" tg-width=\"640\" tg-height=\"264\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>I have conducted a cursory review of each of the above companies. The common theme is that they are all early-stage companies in the most popular growth sectors. These sectors include EVs, robotics, flying electric vehicles, satellite services and drug discovery. None of the Investees appears to offer enough appreciation potential in its own right to move the needle materially for Palantir’s valuation. Palantir’s ownership stake ranges from 0.4% to 1.6%.</p><p>It remains unclear how much of each company’s funding can be spent on Palantir’s software. Furthermore, it is not clear if the $19 million of revenue through Q3 2021 from these companies is sustainable.</p><p>I have highlighted in blue Palantir’s total investment of $150 million in the seven companies. The yellow highlighted cell represents the current valuation of the investments. Palantir is now down approximately $64 million on these seven companies alone. This highlights an extreme risk for this method of customer acquisition as the capital losses to date dwarf the revenue generated. There are other private company investments not listed above, however, Palantir does not break out the details. They are included in other assets on Palantir’s balance sheet which amounted to $116 million as of Q3 2021.</p><p>The following table displays Palantir’s commitments to invest in new companies as of Q3 2021. I have highlighted in yellow the two companies that Palantir funded subsequent to the end of Q3 2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e06664e25242d0bacb6f2a64a7a80228\" tg-width=\"640\" tg-height=\"526\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>I have highlighted in blue the total funding commitment for new investments as of Q3 2021. This is $252 million on top of the $150 million completed prior to the end of Q3. While I have not looked into these particular companies, they appear similar to the first seven investments reviewed above. Meaning, they appear to carry extreme capital risk with upside potential that is likely to be minimal when compared to the valuation upside inherent in Palantir’s software business. It should be noted that recent valuations were extreme and continue to contract rapidly. As a result, the timing risk for capital loss is also heightened by making the investments at the top of the VC/IPO cycle.</p><p><b>Financial Performance</b></p><p>Turning to Palantir’s recent performance, I have chosen to view sales growth excluding the Investees as this is the most likely sustainable growth trajectory. The following table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC. I made an adjustment by removing Investee revenue to arrive at a net revenue figure.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b09c2f2aada9cb30c8b720be23d096e2\" tg-width=\"640\" tg-height=\"156\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>I have highlighted in yellow the 29% revenue growth in Q3 2021 after removing the Investee revenue. Investees added 6.5% to growth in Q3. Year-to-date, the Investee revenue accounted for 1.7% revenue growth. The 29% growth rate is already decelerating beneath the company’s 30% growth guidance through mid-decade. Keep in mind that the Investee revenue stream will grow with additional funding of Palantir’s investment commitments. Regardless, growth is decelerating rapidly at 29% in Q3 compared to 41% year-to-date excluding these non-arm’s-length sales.</p><p><b>Geographic &amp; Segment Sales</b></p><p>The sales slowdown is being led by France, which contracted 22% through the first three quarters of 2021 (highlighted in orange below). It should be noted that Palantir has had a material relationship with Airbus and the airline industry. This could be a negative read through for an important client and industry. While the US remained the best performer in Q3 2021, growth is slowing rapidly as is evidenced by the blue highlighted cells below. The table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b19bc17658ff1b951eec789ec95deddd\" tg-width=\"640\" tg-height=\"314\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>In addition to France, the rest of the world is also slowing rapidly, from 45% through the first nine months of the year to 20% in Q3 2021. Please note that these are reported sales without any adjustments. The following table was compiled from the same SEC filing and highlights that the large sales slowdown in Q3 occurred in the Government segment. Please keep in mind that the Investee revenue is included in the figures below and added approximately 6.5% to the Q3 growth rate in the Commercial segment.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a553cc3913c2af281262da7b15bdc3c\" tg-width=\"640\" tg-height=\"278\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>In summary, the Commercial segment is growing revenue rather steadily, approximately 29% excluding the Investee revenue. However, the Government segment is decelerating rapidly, from 57% through the first nine months of 2021 to 34% in Q3.</p><p><b>Gross Profit &amp; KPI</b></p><p>Palantir’s unusual customer acquisition strategy predates the shift to Investees. The company’s sales and marketing expenses appear to be quite similar to the cost of goods sold for other companies. This is the case because Palantir offers prospective customers free pilot programs as opposed to requiring payment upfront for use of its software. Sales and marketing personnel execute the pilot programs and coordinate solution development in order to generate sales. The following quote from the Q3 2021 10-Q summarizes the situation:</p><blockquote>Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for our sales force and personnel involved in executing on pilots and customer growth activities...</blockquote><p>As a result, I view the sales and marketing expense in the case of Palantir to be a cost of goods sold and reduction to gross margin. While this categorization does not affect the bottom line, it does serve to place the reported 78% gross margin in context.</p><p>I believe this perspective on sales and marketing expense is helpful in thinking about Palantir’s business model in relation to other companies and relative valuations that rely on gross profit margins. The following table was compiled from Palantir’s Q3 2021 10-Q and displays the reported cost of revenue and sales and marketing expense adjusted by removing the related stock-based compensation expense from each line item.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55c5e5fcea6102ca9d0542c130ee1d15\" tg-width=\"640\" tg-height=\"501\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>Notice that the adjusted gross profit growth has slowed considerably to 25% in Q3 (highlighted in blue in the lower portion of the table) compared to 59% through the first nine months of 2021 (highlighted in yellow). The cost of sales is rising rapidly in Q3 2021 compared to the first nine months of the year.</p><p>Palantir utilizes one KPI or Key Performance Indicator to judge performance and inform decision-making, which is referred to as Contribution Margin. It is similar to my adjusted gross margin figure above as can be seen in the following table compiled from Palantir’s Q3 2021 10-Q.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cc4e966e16c27ea17f99ccb08a18957\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>Notice that the contribution row is remarkably similar to my adjusted gross profit row in the previous table. Additionally, the growth rate deceleration is similar, as can be seen in the highlighted cells. While 37% is materially different from my estimate of 25% growth, the step change lower from 64% is of similar amplitude.</p><p><b>Operating Income</b></p><p>Turning to operating income, I have adjusted the reported figures once again by removing stock option-related expenses as well as one-off expenses pertaining to the direct listing IPO in 2020. The overriding message is once again one of rapid deceleration. The following table was compiled from the same SEC filing and displays operating expenses excluding sales and marketing expenses, as well as my adjusted operating income estimate.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5f344c289a598ec7824067b39c04f09\" tg-width=\"640\" tg-height=\"479\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>In the lower section of the table, notice the incredible deceleration in adjusted operating income to 40% growth in Q3 of 2021 compared to 266% growth through the first nine months of the year. General and administrative expenses accelerated rapidly in Q3 2021, while Palantir materially reduced research and development investment to just 5% growth in Q3.</p><p>The research and development investment slowdown could be a negative read through for sales growth as R&amp;D is an integral part of the sales process. Research and development expenses should track the sales cycle through the three customer phases: Acquire, Expand, and Scale. As customer needs are identified by sales and marketing, research and development expenses should respond to increased future sales potential. This does not appear to be happening at the moment.</p><p>As of Q3 2021, Palantir is annualizing at an adjusted operating income run rate of approximately $300 to $320 million, or about $.16 per share. This is a before-tax operating income figure. The primary takeaway from the operating income front is that profitability is slowing rapidly. This provides additional color for the unusual Investee customer acquisition strategy being deployed.</p><p><b>Consensus Growth Estimates</b></p><p>If Palantir is producing at a $320 million adjusted annual operating income run rate and it was taxed at a normalized 25% rate, the current earnings power would be in the $240 million range or $.12 per diluted share. With this information and the growth deceleration outlined above, we can begin to put consensus earnings estimates into context. The following table was compiled from Seeking Alpha and displays consensus earnings and revenue estimates through 2023.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/022fd2d18964776a3e20294c7917548f\" tg-width=\"640\" tg-height=\"241\" width=\"100%\" height=\"auto\"/><span>Source: Seeking Alpha. Created by Brian Kapp, stoxdox</span></p><p>I have highlighted the 2022 consensus estimates for earnings and sales growth. Notice that the 39% consensus earnings growth estimate for 2022 is in line with the 40% operating income growth posted in Q3 of 2021. Additionally, the sales growth estimate of 30% is just above the 29% adjusted sales growth in Q3 2021 excluding sales to Investees.</p><p>The 39% earnings growth expected for 2022 appears to be at material risk of being too high given the rapid slowdown in operating income to 40% in Q3 2021 compared to 266% through the first nine months of the year. This trajectory would likely place earnings growth for 2022 well below 39%.</p><p>The 30% sales growth estimate for 2022 looks to be achievable given Palantir’s aggressive investment strategy in regard to Investees who then purchase Palantir software. I believe the market will tend to discount Investee sales as I have. Excluding these sales, the revenue growth trajectory appears to be trending closer to 20% than 30% for 2022, which opens the door to further growth disappointment.</p><p>Looking to consensus estimates for 2023, the expected growth rates are remarkably similar to 2022. This straight-line growth forecast through 2023 adds to the risk that consensus estimates could be too high over the coming years. The current trajectory points to growth materially below that expected for 2022 and 2023.</p><p><b>Valuation</b></p><p>Palantir is trading at 87x the consensus earnings estimate for 2021 and 62x that for 2022. Please keep in mind that these are non-GAAP (generally accepted accounting principles) earnings estimates. On a GAAP basis, Palantir continues to produce at a loss. The reported loss in Q3 2021 was $92 million and was $352 million through the first nine months of 2021.</p><p>Using the non-GAAP earnings estimates, 87x current year earnings and 62x forward earnings are extreme valuations from a historical market perspective. That said, they are within the realm of possibility for a growth stock in recent years. When viewed against Palantir’s rapidly slowing sales and operating income growth rates, as well as the heightened risk that consensus estimates may be too high, the current valuation multiples on consensus estimates offer little margin for error.</p><p>On the sales front, Palantir is valued at 17x the consensus 2021 revenue estimate and 13x that for 2022. These are extreme price-to-sales multiples for a large-cap company from a historical perspective. My estimate of core sales growth trending toward 20% excluding Investee revenue suggests that these valuation multiples on sales also offer little margin for error.</p><p>The valuation risks are further elevated when combined with the rapidly slowing operating income growth. Furthermore, as can be seen in my adjusted gross margin figure growing at 25% as of Q3 2021, the Palantir business model may not be supportive of a historically extreme price-to-sales valuation.</p><p><b>Technicals</b></p><p>While the fundamental backdrop points toward little margin for error and subdued excess return potential, the technical setup suggests more meaningful upside return potential. The following 3-year weekly chart offers a bird’s eye view of the potential technical return spectrum. I have highlighted the key resistance levels with orange horizontal lines and the primary support level with a green line.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e9aaa4f2a36fa507e420c9353d0cd91c\" tg-width=\"640\" tg-height=\"372\" width=\"100%\" height=\"auto\"/><span>Palantir 3-year weekly chart. (Created by Brian Kapp using a chart from Barchart.com)</span></p><p>The return potential to the nearest resistance levels of $19 and $22 is 43% and 65%, respectively. On the downside, the nearest support lies at the IPO price range near $10. The downside return potential to this level is -25%. It should be noted that Palantir’s short trading history of 16 months limits the usefulness of technical analysis. Additionally, with no trading history beneath the IPO price, it is unclear where support will be found if the $10 level is breached to the downside.</p><p>To estimate downside potential beneath $10, I apply an earnings multiple of 40x the 2022 non-GAAP consensus earnings estimate. This valuation is twice that of the current market averages and would place Palantir shares at $8. This represents -40% downside risk from current levels.</p><p>If the 39% consensus earnings estimate for 2022 is too high, further downside from $8 is in the realm of possibility. To estimate the downside risk potential if estimates are too high, I apply the same 40x non-GAAP earnings to my estimate of Palantir’s current annual run rate for fully-taxed, non-GAAP profitability. If earnings growth comes in at 25% for 2022 (my estimate of adjusted gross profit growth as of Q3 2021) on top of my estimate of $.12 for the current annual run rate of adjusted earnings after tax, the shares could trade down to $6. This would represent downside risk of -55%.</p><p>The following daily chart provides a closer look at the technical backdrop.</p><p><img src=\"https://static.tigerbbs.com/fa32fdab79f60368696ab122ff81b60a\" tg-width=\"640\" tg-height=\"372\" width=\"100%\" height=\"auto\"/></p><p>The technical picture suggests heavy resistance between $19 and $22. Given the unrelenting downtrend over the past three months, a near-term bounce is likely. That said, the upside technical potential combined with the downside fundamental potential leaves the shares with a balanced potential return spectrum of 65% to -55% over the near term.</p><p><b>Summary</b></p><p>All told, Palantir should be placed on the watchlist for high-risk growth investors. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, with notable red flags in the mix, caution is in order. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error. The resulting symmetry between risk and reward results in a neutral rating.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: Red Flag Or Opportunity?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: Red Flag Or Opportunity?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-05 11:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4484295-palantir-red-flag-or-opportunity><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryPalantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.Revenue growth in Palantir’s core client cohort slowed to 20% annualized ...</p>\n\n<a href=\"https://seekingalpha.com/article/4484295-palantir-red-flag-or-opportunity\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4484295-palantir-red-flag-or-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196927717","content_text":"SummaryPalantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.Revenue growth in Palantir’s core client cohort slowed to 20% annualized through the first three quarters of 2021 compared to 2020.During 2021, Palantir fundamentally transformed its go-to-market strategy. The company is now using its cash to aggressively invest in other companies (Investees) who agree to purchase Palantir’s software.Management continues to guide for 30% sales growth through mid-decade. However, Palantir’s 3-phase business model hints at sales trending lower excluding its Investee sales.Palantir offers extraordinary long-term growth potential which should place it on the watchlist of all growth investors. The investment case rests on the fulcrum between opportunity and red flags.agawa288/iStock via Getty ImagesI am assigning Palantir (NYSE:PLTR) a neutral risk/reward rating as the long-term growth opportunity is counterbalanced by near-term red flags. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, a number of notable red flags warrant caution. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error.Risk/Reward Rating: NeutralPalantir has an unusual business model compared to its peers in the enterprise software sector in regard to how it acquires and grows its customer base. The company categorizes its customers according to three phases of development or cohorts: (1) Acquire, (2) Expand, and (3) Scale. While they are generic terms that are applicable to all businesses, they are unique in the case of Palantir due to how the company approaches its customers.Customer DetailPalantir defines a customer in the Acquire cohort as one that has generated less than $100,000 of revenue as of year-end while being unprofitable to Palantir. The Expand cohort is characterized by a customer that generated more than $100,000 of sales yet remained unprofitable. Finally, the Scale cohort is defined as a customer that has generated more than $100,000 of revenue while being a profitable relationship for Palantir during the year.The following tables were compiled from Palantir’s Q3 2021 10-Q filed with the SEC. The first table displays Palantir’s 2020 sales from each of the client cohorts which were categorized at the end of 2020 (2020 Revenue). In the 2021 Annualized column, you will find the sales of each of these 2020 customer cohorts through Q3 2021 annualized. In the second set of tables, I have compiled key details regarding Palantir’s largest customers over the past twelve months, as well as critical details pertaining to customers that are new to Palantir in 2021 which are not yet assigned to a cohort. Cohort categorization occurs at the end of each year.Source: Created by Brian Kapp, stoxdoxSource: Created by Brian Kapp, stoxdoxFor ease of comparison, I have color-coded the information that is related. One of the dominant realities for Palantir is its concentrated customer base, which is highlighted in blue. Palantir has only 203 customers, with the top 20 accounting for 58% of sales.By definition, Palantir’s largest customers are in the Scale cohort. Through the first three quarters of 2021, the Scale cohort (categorized as such at the end of 2020) is growing at an annualized rate of 20%. Given that this group accounts for 86% of Palantir’s revenue, it will be challenging to move the sales growth needle materially above 20% without explosive growth from the other two cohorts or a material acceleration from the Scale cohort. It should be noted that management is guiding to 30% annual sales growth through mid-decade.The 2020 year-end Acquire and Expand cohorts are highlighted in yellow in the upper table. New customers in 2021 will not be assigned to a cohort until the year-end Palantir report. I have highlighted the pertinent 2021 new customer data in yellow for easy comparison to the 2020 Acquire and Expand customer cohorts. I view the 2021 new customer sales performance excluding sales to Investees to be a sustainable core growth rate. The Investee customer acquisition strategy is extraordinarily unusual and carries an exceedingly high capital risk which introduces reputational and, therefore, brand risk.Please note that Investee here refers to customers that Palantir has purchased the stock of in return for the Investee using Palantir’s software. Meaning, the revenue from Investees is a reciprocation of Palantir investing in the shares of these customers. In this respect, these are not arm’s-length transactions. I believe the new client numbers excluding sales to Investees is an important data point for ascertaining a purely market-based new customer growth rate.Similar to the Scale cohort growth rate annualizing at 20% in 2021, the new customer sales growth rate is annualizing at 22% through Q3 2021 compared to the $20.6 million of sales from the Acquire and Expand cohorts of 2020. While this is not a perfect comparison for sales growth from new customers, it is a fair estimation. As a result, Palantir appears to be trending toward an underlying sales growth rate closer to 20% than the company’s 30% sales growth guidance through mid-decade.InvesteesIt is important to step back and review Palantir’s investments in Investees as this is an extraordinarily unusual go-to-market strategy for customer acquisition. The above numbers, which suggest revenue growth is trending toward 20%, place Palantir’s use of its balance sheet cash to fund new customers in a new light. The following tables were compiled from Palantir’s Q3 2021 10-Q. The first table lists companies that Palantir has funded as of the end of Q3 2021. The second table displays Palantir’s investment commitments to new companies that are not yet funded.Source: Created by Brian Kapp, stoxdoxI have conducted a cursory review of each of the above companies. The common theme is that they are all early-stage companies in the most popular growth sectors. These sectors include EVs, robotics, flying electric vehicles, satellite services and drug discovery. None of the Investees appears to offer enough appreciation potential in its own right to move the needle materially for Palantir’s valuation. Palantir’s ownership stake ranges from 0.4% to 1.6%.It remains unclear how much of each company’s funding can be spent on Palantir’s software. Furthermore, it is not clear if the $19 million of revenue through Q3 2021 from these companies is sustainable.I have highlighted in blue Palantir’s total investment of $150 million in the seven companies. The yellow highlighted cell represents the current valuation of the investments. Palantir is now down approximately $64 million on these seven companies alone. This highlights an extreme risk for this method of customer acquisition as the capital losses to date dwarf the revenue generated. There are other private company investments not listed above, however, Palantir does not break out the details. They are included in other assets on Palantir’s balance sheet which amounted to $116 million as of Q3 2021.The following table displays Palantir’s commitments to invest in new companies as of Q3 2021. I have highlighted in yellow the two companies that Palantir funded subsequent to the end of Q3 2021.Source: Created by Brian Kapp, stoxdoxI have highlighted in blue the total funding commitment for new investments as of Q3 2021. This is $252 million on top of the $150 million completed prior to the end of Q3. While I have not looked into these particular companies, they appear similar to the first seven investments reviewed above. Meaning, they appear to carry extreme capital risk with upside potential that is likely to be minimal when compared to the valuation upside inherent in Palantir’s software business. It should be noted that recent valuations were extreme and continue to contract rapidly. As a result, the timing risk for capital loss is also heightened by making the investments at the top of the VC/IPO cycle.Financial PerformanceTurning to Palantir’s recent performance, I have chosen to view sales growth excluding the Investees as this is the most likely sustainable growth trajectory. The following table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC. I made an adjustment by removing Investee revenue to arrive at a net revenue figure.Source: Created by Brian Kapp, stoxdoxI have highlighted in yellow the 29% revenue growth in Q3 2021 after removing the Investee revenue. Investees added 6.5% to growth in Q3. Year-to-date, the Investee revenue accounted for 1.7% revenue growth. The 29% growth rate is already decelerating beneath the company’s 30% growth guidance through mid-decade. Keep in mind that the Investee revenue stream will grow with additional funding of Palantir’s investment commitments. Regardless, growth is decelerating rapidly at 29% in Q3 compared to 41% year-to-date excluding these non-arm’s-length sales.Geographic & Segment SalesThe sales slowdown is being led by France, which contracted 22% through the first three quarters of 2021 (highlighted in orange below). It should be noted that Palantir has had a material relationship with Airbus and the airline industry. This could be a negative read through for an important client and industry. While the US remained the best performer in Q3 2021, growth is slowing rapidly as is evidenced by the blue highlighted cells below. The table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC.Source: Created by Brian Kapp, stoxdoxIn addition to France, the rest of the world is also slowing rapidly, from 45% through the first nine months of the year to 20% in Q3 2021. Please note that these are reported sales without any adjustments. The following table was compiled from the same SEC filing and highlights that the large sales slowdown in Q3 occurred in the Government segment. Please keep in mind that the Investee revenue is included in the figures below and added approximately 6.5% to the Q3 growth rate in the Commercial segment.Source: Created by Brian Kapp, stoxdoxIn summary, the Commercial segment is growing revenue rather steadily, approximately 29% excluding the Investee revenue. However, the Government segment is decelerating rapidly, from 57% through the first nine months of 2021 to 34% in Q3.Gross Profit & KPIPalantir’s unusual customer acquisition strategy predates the shift to Investees. The company’s sales and marketing expenses appear to be quite similar to the cost of goods sold for other companies. This is the case because Palantir offers prospective customers free pilot programs as opposed to requiring payment upfront for use of its software. Sales and marketing personnel execute the pilot programs and coordinate solution development in order to generate sales. The following quote from the Q3 2021 10-Q summarizes the situation:Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for our sales force and personnel involved in executing on pilots and customer growth activities...As a result, I view the sales and marketing expense in the case of Palantir to be a cost of goods sold and reduction to gross margin. While this categorization does not affect the bottom line, it does serve to place the reported 78% gross margin in context.I believe this perspective on sales and marketing expense is helpful in thinking about Palantir’s business model in relation to other companies and relative valuations that rely on gross profit margins. The following table was compiled from Palantir’s Q3 2021 10-Q and displays the reported cost of revenue and sales and marketing expense adjusted by removing the related stock-based compensation expense from each line item.Source: Created by Brian Kapp, stoxdoxNotice that the adjusted gross profit growth has slowed considerably to 25% in Q3 (highlighted in blue in the lower portion of the table) compared to 59% through the first nine months of 2021 (highlighted in yellow). The cost of sales is rising rapidly in Q3 2021 compared to the first nine months of the year.Palantir utilizes one KPI or Key Performance Indicator to judge performance and inform decision-making, which is referred to as Contribution Margin. It is similar to my adjusted gross margin figure above as can be seen in the following table compiled from Palantir’s Q3 2021 10-Q.Source: Created by Brian Kapp, stoxdoxNotice that the contribution row is remarkably similar to my adjusted gross profit row in the previous table. Additionally, the growth rate deceleration is similar, as can be seen in the highlighted cells. While 37% is materially different from my estimate of 25% growth, the step change lower from 64% is of similar amplitude.Operating IncomeTurning to operating income, I have adjusted the reported figures once again by removing stock option-related expenses as well as one-off expenses pertaining to the direct listing IPO in 2020. The overriding message is once again one of rapid deceleration. The following table was compiled from the same SEC filing and displays operating expenses excluding sales and marketing expenses, as well as my adjusted operating income estimate.Source: Created by Brian Kapp, stoxdoxIn the lower section of the table, notice the incredible deceleration in adjusted operating income to 40% growth in Q3 of 2021 compared to 266% growth through the first nine months of the year. General and administrative expenses accelerated rapidly in Q3 2021, while Palantir materially reduced research and development investment to just 5% growth in Q3.The research and development investment slowdown could be a negative read through for sales growth as R&D is an integral part of the sales process. Research and development expenses should track the sales cycle through the three customer phases: Acquire, Expand, and Scale. As customer needs are identified by sales and marketing, research and development expenses should respond to increased future sales potential. This does not appear to be happening at the moment.As of Q3 2021, Palantir is annualizing at an adjusted operating income run rate of approximately $300 to $320 million, or about $.16 per share. This is a before-tax operating income figure. The primary takeaway from the operating income front is that profitability is slowing rapidly. This provides additional color for the unusual Investee customer acquisition strategy being deployed.Consensus Growth EstimatesIf Palantir is producing at a $320 million adjusted annual operating income run rate and it was taxed at a normalized 25% rate, the current earnings power would be in the $240 million range or $.12 per diluted share. With this information and the growth deceleration outlined above, we can begin to put consensus earnings estimates into context. The following table was compiled from Seeking Alpha and displays consensus earnings and revenue estimates through 2023.Source: Seeking Alpha. Created by Brian Kapp, stoxdoxI have highlighted the 2022 consensus estimates for earnings and sales growth. Notice that the 39% consensus earnings growth estimate for 2022 is in line with the 40% operating income growth posted in Q3 of 2021. Additionally, the sales growth estimate of 30% is just above the 29% adjusted sales growth in Q3 2021 excluding sales to Investees.The 39% earnings growth expected for 2022 appears to be at material risk of being too high given the rapid slowdown in operating income to 40% in Q3 2021 compared to 266% through the first nine months of the year. This trajectory would likely place earnings growth for 2022 well below 39%.The 30% sales growth estimate for 2022 looks to be achievable given Palantir’s aggressive investment strategy in regard to Investees who then purchase Palantir software. I believe the market will tend to discount Investee sales as I have. Excluding these sales, the revenue growth trajectory appears to be trending closer to 20% than 30% for 2022, which opens the door to further growth disappointment.Looking to consensus estimates for 2023, the expected growth rates are remarkably similar to 2022. This straight-line growth forecast through 2023 adds to the risk that consensus estimates could be too high over the coming years. The current trajectory points to growth materially below that expected for 2022 and 2023.ValuationPalantir is trading at 87x the consensus earnings estimate for 2021 and 62x that for 2022. Please keep in mind that these are non-GAAP (generally accepted accounting principles) earnings estimates. On a GAAP basis, Palantir continues to produce at a loss. The reported loss in Q3 2021 was $92 million and was $352 million through the first nine months of 2021.Using the non-GAAP earnings estimates, 87x current year earnings and 62x forward earnings are extreme valuations from a historical market perspective. That said, they are within the realm of possibility for a growth stock in recent years. When viewed against Palantir’s rapidly slowing sales and operating income growth rates, as well as the heightened risk that consensus estimates may be too high, the current valuation multiples on consensus estimates offer little margin for error.On the sales front, Palantir is valued at 17x the consensus 2021 revenue estimate and 13x that for 2022. These are extreme price-to-sales multiples for a large-cap company from a historical perspective. My estimate of core sales growth trending toward 20% excluding Investee revenue suggests that these valuation multiples on sales also offer little margin for error.The valuation risks are further elevated when combined with the rapidly slowing operating income growth. Furthermore, as can be seen in my adjusted gross margin figure growing at 25% as of Q3 2021, the Palantir business model may not be supportive of a historically extreme price-to-sales valuation.TechnicalsWhile the fundamental backdrop points toward little margin for error and subdued excess return potential, the technical setup suggests more meaningful upside return potential. The following 3-year weekly chart offers a bird’s eye view of the potential technical return spectrum. I have highlighted the key resistance levels with orange horizontal lines and the primary support level with a green line.Palantir 3-year weekly chart. (Created by Brian Kapp using a chart from Barchart.com)The return potential to the nearest resistance levels of $19 and $22 is 43% and 65%, respectively. On the downside, the nearest support lies at the IPO price range near $10. The downside return potential to this level is -25%. It should be noted that Palantir’s short trading history of 16 months limits the usefulness of technical analysis. Additionally, with no trading history beneath the IPO price, it is unclear where support will be found if the $10 level is breached to the downside.To estimate downside potential beneath $10, I apply an earnings multiple of 40x the 2022 non-GAAP consensus earnings estimate. This valuation is twice that of the current market averages and would place Palantir shares at $8. This represents -40% downside risk from current levels.If the 39% consensus earnings estimate for 2022 is too high, further downside from $8 is in the realm of possibility. To estimate the downside risk potential if estimates are too high, I apply the same 40x non-GAAP earnings to my estimate of Palantir’s current annual run rate for fully-taxed, non-GAAP profitability. If earnings growth comes in at 25% for 2022 (my estimate of adjusted gross profit growth as of Q3 2021) on top of my estimate of $.12 for the current annual run rate of adjusted earnings after tax, the shares could trade down to $6. This would represent downside risk of -55%.The following daily chart provides a closer look at the technical backdrop.The technical picture suggests heavy resistance between $19 and $22. Given the unrelenting downtrend over the past three months, a near-term bounce is likely. That said, the upside technical potential combined with the downside fundamental potential leaves the shares with a balanced potential return spectrum of 65% to -55% over the near term.SummaryAll told, Palantir should be placed on the watchlist for high-risk growth investors. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, with notable red flags in the mix, caution is in order. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error. The resulting symmetry between risk and reward results in a neutral rating.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":2663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9091719474,"gmtCreate":1643940105112,"gmtModify":1676533874273,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DBSDF\">$DBS Group Holdings Ltd.(DBSDF)$</a> good","listText":"<a href=\"https://ttm.financial/S/DBSDF\">$DBS Group Holdings Ltd.(DBSDF)$</a> good","text":"$DBS Group Holdings Ltd.(DBSDF)$ good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9091719474","repostId":"9091736836","repostType":1,"repost":{"id":9091736836,"gmtCreate":1643939204592,"gmtModify":1676533874116,"author":{"id":"3527667621665671","authorId":"3527667621665671","name":"Daily_Discussion","avatar":"https://community-static.tradeup.com/news/6973ef3354e752778088dfd8ca725c82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667621665671","idStr":"3527667621665671"},"themes":[],"title":"🔥[Feb 4th]Share your trades today with others >>","htmlText":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions&nbsp;on&nbsp;market trends,the&nbsp;stocks you like(bullish on)or dislike(bearish on),and&nbsp;your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins&nbsp;as reward&nbsp;which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Daily Focus&nbsp;Friday Afternoon Recap Stock futures rose in overnight trading Thursday as investors digested a slew of corporate earnings reports after the Nasdaq Composite posted its worst day in more than a year. Futures on the Dow Jones Industrial Average gained about 195 points, or 0.6%. S&amp;P 500 futures added 1.1%, and Nasdaq 100 futures rallied 1.9%. On Th","listText":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions&nbsp;on&nbsp;market trends,the&nbsp;stocks you like(bullish on)or dislike(bearish on),and&nbsp;your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins&nbsp;as reward&nbsp;which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Daily Focus&nbsp;Friday Afternoon Recap Stock futures rose in overnight trading Thursday as investors digested a slew of corporate earnings reports after the Nasdaq Composite posted its worst day in more than a year. Futures on the Dow Jones Industrial Average gained about 195 points, or 0.6%. S&amp;P 500 futures added 1.1%, and Nasdaq 100 futures rallied 1.9%. On Th","text":"Hi,Tigers! Welcome to our official column:Daily Discussion! Here you can share your trading ideas, your opinions on market trends,the stocks you like(bullish on)or dislike(bearish on),and your investment performances,etc.. If you leave your thoughts in the comment area, you may receive Tiger Coins as reward which can be used at Gift Center! Below are Today's Key Takeaways. Top News Move the Market Daily Focus Friday Afternoon Recap Stock futures rose in overnight trading Thursday as investors digested a slew of corporate earnings reports after the Nasdaq Composite posted its worst day in more than a year. Futures on the Dow Jones Industrial Average gained about 195 points, or 0.6%. S&P 500 futures added 1.1%, and Nasdaq 100 futures rallied 1.9%. On Th","images":[{"img":"https://static.tigerbbs.com/4d88973302eced66c7cfae721c56bebb","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9091736836","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099879827,"gmtCreate":1643335587538,"gmtModify":1676533807165,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> LOOK OUT&nbsp;BUY THE RUMOUR SELL THE NEWS!Dont be like <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> LOOK OUT&nbsp;BUY THE RUMOUR SELL THE NEWS!Dont be like <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>","text":"$Apple(AAPL)$ LOOK OUT BUY THE RUMOUR SELL THE NEWS!Dont be like $Tesla Motors(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099879827","isVote":1,"tweetType":1,"viewCount":2446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099380360,"gmtCreate":1643296598077,"gmtModify":1676533800002,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"Gooooood event","listText":"Gooooood event","text":"Gooooood event","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099380360","repostId":"9004448317","repostType":1,"repost":{"id":9004448317,"gmtCreate":1642676525258,"gmtModify":1676533734534,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667667103859","idStr":"3527667667103859"},"themes":[],"title":"Join Tiger Ski Championship, Win a Bonus of Up to USD 2022","htmlText":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/happy-new-year/#/\" target=\"_blank\">Click to Join the Game</a>","listText":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2022/happy-new-year/#/\" target=\"_blank\">Click to Join the Game</a>","text":"2022 is the Year of Tiger in Chinese lunar calendar, it’s also a special year for Tiger Brokers. To celebrate the special year, we want to invite you to join the ski game presented by Tiger Brokers specially, and it’s very easy and interesting game for users to play. Join the game and win a bonus of up to USD 2022 and limited-edition Tiger Toys Spring Festival and Winter Olympic are both on the way, open your Tiger Trade App and play the ski game with us, win golden medals as many as you can! You could have chance to try Lucky Draw when you win medals.The more medal you win, the bigger bonus you may win! Big Rewards are as follow: Click to Join the Game","images":[{"img":"https://static.tigerbbs.com/a7b44fa056439fb4010fa55e163d27c3","width":"750","height":"1726"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004448317","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008293619,"gmtCreate":1641444420671,"gmtModify":1676533616378,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"Honestly its just the big trying to stay big the big trying to protect their reputation","listText":"Honestly its just the big trying to stay big the big trying to protect their reputation","text":"Honestly its just the big trying to stay big the big trying to protect their reputation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008293619","repostId":"1126514803","repostType":4,"repost":{"id":"1126514803","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1641440351,"share":"https://ttm.financial/m/news/1126514803?lang=en_US&edition=fundamental","pubTime":"2022-01-06 11:39","market":"us","language":"en","title":"Google Pays Apple Billion Of Dollars To Keep Cupertino Out Of Search Business: Lawsuit Alleges","url":"https://stock-news.laohu8.com/highlight/detail?id=1126514803","media":"Benzinga","summary":"Alphabet, Inc. edged out its bigger tech peer Apple, Inc. to take the honors as the biggest gainer a","content":"<html><head></head><body><p><b>Alphabet, Inc.</b> edged out its bigger tech peer <b>Apple, Inc.</b> to take the honors as the biggest gainer among the FAANGs in 2021. A lawsuit filed in late December alleges that there is an unholy nexus between the two companies.</p><p><img src=\"https://static.tigerbbs.com/9ffced290efd9a05a555f5809c7fd1a1\" tg-width=\"685\" tg-height=\"375\" width=\"100%\" height=\"auto\"/></p><p><b>What Happened:</b>A class action lawsuit has been filed against Apple and Google as well as the CEOs of both companies for alleged antitrust violations, according to a statement put out by the Alioto law firm.</p><p>In the complaint, the plaintiffs charge that Google and Apple have made an agreement that Apple would not compete in the internet search business against Google. The terms of the non-compete agreement call for Google to share its search profits with Apple in return for getting preferential treatment in all Apple devices.</p><p>The complaint also alleges that executives of the companies regularly meet in secret and that Google is making annual multi-billion-dollar payments to Apple to stay out of the search business.</p><p>The claims do not appear without merit. Bernstein analyst <b>Toni Sacconaghi, Jr.</b> said in an Aug. 2021 note that Google is on track to pay $15 billion to Apple to continue using Google as the default search engine on iOS, up from $10 billion paid in 2020.</p><p>The companies are also charged with suppressing competition by foreclosing competitors from the search market and acquiring actual and potential competitors.</p><p><b>Why It&#39;s Important:</b>The class-action lawsuit comes at a time when governments across the globe have taken up cudgels against anticompetitive practices of tech behemoths.</p><p>While seeking an injunction prohibiting all these antitrust practices, the complaint also calls for the breakup of Google and Apple into separate and independent companies in accordance with the precedent of the breakup of oil companies.</p><p>A Google spokesperson told Benzinga the claims are completely false. &#34;We don&#39;t have any agreement with Apple preventing them from competing in search, and nothing in our search distribution agreement with Apple stops them from developing their own search services or from having promotional agreements with our competitors. Apple features Google Search on Safari because, in their words, it&#39;s &#34;the best.&#34; We look forward to debunking these meritless claims in court,&#34; the spokesperson added.</p><p>Benzinga&#39;s emails to Apple seeking clarification on the lawsuit went unanswered.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google Pays Apple Billion Of Dollars To Keep Cupertino Out Of Search Business: Lawsuit Alleges</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoogle Pays Apple Billion Of Dollars To Keep Cupertino Out Of Search Business: Lawsuit Alleges\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-01-06 11:39</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><b>Alphabet, Inc.</b> edged out its bigger tech peer <b>Apple, Inc.</b> to take the honors as the biggest gainer among the FAANGs in 2021. A lawsuit filed in late December alleges that there is an unholy nexus between the two companies.</p><p><img src=\"https://static.tigerbbs.com/9ffced290efd9a05a555f5809c7fd1a1\" tg-width=\"685\" tg-height=\"375\" width=\"100%\" height=\"auto\"/></p><p><b>What Happened:</b>A class action lawsuit has been filed against Apple and Google as well as the CEOs of both companies for alleged antitrust violations, according to a statement put out by the Alioto law firm.</p><p>In the complaint, the plaintiffs charge that Google and Apple have made an agreement that Apple would not compete in the internet search business against Google. The terms of the non-compete agreement call for Google to share its search profits with Apple in return for getting preferential treatment in all Apple devices.</p><p>The complaint also alleges that executives of the companies regularly meet in secret and that Google is making annual multi-billion-dollar payments to Apple to stay out of the search business.</p><p>The claims do not appear without merit. Bernstein analyst <b>Toni Sacconaghi, Jr.</b> said in an Aug. 2021 note that Google is on track to pay $15 billion to Apple to continue using Google as the default search engine on iOS, up from $10 billion paid in 2020.</p><p>The companies are also charged with suppressing competition by foreclosing competitors from the search market and acquiring actual and potential competitors.</p><p><b>Why It&#39;s Important:</b>The class-action lawsuit comes at a time when governments across the globe have taken up cudgels against anticompetitive practices of tech behemoths.</p><p>While seeking an injunction prohibiting all these antitrust practices, the complaint also calls for the breakup of Google and Apple into separate and independent companies in accordance with the precedent of the breakup of oil companies.</p><p>A Google spokesperson told Benzinga the claims are completely false. &#34;We don&#39;t have any agreement with Apple preventing them from competing in search, and nothing in our search distribution agreement with Apple stops them from developing their own search services or from having promotional agreements with our competitors. Apple features Google Search on Safari because, in their words, it&#39;s &#34;the best.&#34; We look forward to debunking these meritless claims in court,&#34; the spokesperson added.</p><p>Benzinga&#39;s emails to Apple seeking clarification on the lawsuit went unanswered.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126514803","content_text":"Alphabet, Inc. edged out its bigger tech peer Apple, Inc. to take the honors as the biggest gainer among the FAANGs in 2021. A lawsuit filed in late December alleges that there is an unholy nexus between the two companies.What Happened:A class action lawsuit has been filed against Apple and Google as well as the CEOs of both companies for alleged antitrust violations, according to a statement put out by the Alioto law firm.In the complaint, the plaintiffs charge that Google and Apple have made an agreement that Apple would not compete in the internet search business against Google. The terms of the non-compete agreement call for Google to share its search profits with Apple in return for getting preferential treatment in all Apple devices.The complaint also alleges that executives of the companies regularly meet in secret and that Google is making annual multi-billion-dollar payments to Apple to stay out of the search business.The claims do not appear without merit. Bernstein analyst Toni Sacconaghi, Jr. said in an Aug. 2021 note that Google is on track to pay $15 billion to Apple to continue using Google as the default search engine on iOS, up from $10 billion paid in 2020.The companies are also charged with suppressing competition by foreclosing competitors from the search market and acquiring actual and potential competitors.Why It's Important:The class-action lawsuit comes at a time when governments across the globe have taken up cudgels against anticompetitive practices of tech behemoths.While seeking an injunction prohibiting all these antitrust practices, the complaint also calls for the breakup of Google and Apple into separate and independent companies in accordance with the precedent of the breakup of oil companies.A Google spokesperson told Benzinga the claims are completely false. \"We don't have any agreement with Apple preventing them from competing in search, and nothing in our search distribution agreement with Apple stops them from developing their own search services or from having promotional agreements with our competitors. Apple features Google Search on Safari because, in their words, it's \"the best.\" We look forward to debunking these meritless claims in court,\" the spokesperson added.Benzinga's emails to Apple seeking clarification on the lawsuit went unanswered.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"GOOG":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008342879,"gmtCreate":1641373911775,"gmtModify":1676533607284,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>Any idea when they would give their next dividend?","listText":"<a href=\"https://ttm.financial/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>Any idea when they would give their next dividend?","text":"$SINGAPORE EXCHANGE LIMITED(S68.SI)$Any idea when they would give their next dividend?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":21,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008342879","isVote":1,"tweetType":1,"viewCount":3029,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4095548019553830","authorId":"4095548019553830","name":"ZIONSOE","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4095548019553830","idStr":"4095548019553830"},"content":"Last year they gave end of January. i guess this month.","text":"Last year they gave end of January. i guess this month.","html":"Last year they gave end of January. i guess this month."},{"author":{"id":"4100833454173050","authorId":"4100833454173050","name":"DiAngel","avatar":"https://community-static.tradeup.com/news/f7c2ee91188421bf874cdbc97fb77886","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4100833454173050","idStr":"4100833454173050"},"content":"Last year 8Feb2021 dividend payout. U can go to https://sginvestors.io/news/sgx-upcoming-dividend-capital-issue-entitlement To check out the upcoming dividends","text":"Last year 8Feb2021 dividend payout. U can go to https://sginvestors.io/news/sgx-upcoming-dividend-capital-issue-entitlement To check out the upcoming dividends","html":"Last year 8Feb2021 dividend payout. U can go to https://sginvestors.io/news/sgx-upcoming-dividend-capital-issue-entitlement To check out the upcoming dividends"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001044680,"gmtCreate":1641122343072,"gmtModify":1676533574083,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/03333\">$EVERGRANDE(03333)$</a>good buy?","listText":"<a href=\"https://ttm.financial/S/03333\">$EVERGRANDE(03333)$</a>good buy?","text":"$EVERGRANDE(03333)$good buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001044680","isVote":1,"tweetType":1,"viewCount":1856,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3567412323589940","authorId":"3567412323589940","name":"BernardLL","avatar":"https://community-static.tradeup.com/news/394a3bcfbe9cedca3b2695131f57bb6d","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"3567412323589940","idStr":"3567412323589940"},"content":"Buy into strength, not into weakness. This company is finished. Dont think it will not go lower. Too risky.","text":"Buy into strength, not into weakness. This company is finished. Dont think it will not go lower. Too risky.","html":"Buy into strength, not into weakness. This company is finished. Dont think it will not go lower. Too risky."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009858792,"gmtCreate":1640618697918,"gmtModify":1676533529732,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a>When is the best time to buy an APPR stock?Some might argue that now is an all time highand its quite risky to get one.But i feel that long term wise with apple expanding to other industries, there is a brighter future ahead for Apple.&nbsp;","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a>When is the best time to buy an APPR stock?Some might argue that now is an all time highand its quite risky to get one.But i feel that long term wise with apple expanding to other industries, there is a brighter future ahead for Apple.&nbsp;","text":"$Apple(AAPL)$When is the best time to buy an APPR stock?Some might argue that now is an all time highand its quite risky to get one.But i feel that long term wise with apple expanding to other industries, there is a brighter future ahead for Apple.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009858792","isVote":1,"tweetType":1,"viewCount":1879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009828145,"gmtCreate":1640616754192,"gmtModify":1676533529521,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/ALLK\">$Allakos Inc.(ALLK)$</a>chances of rebound?","listText":"<a href=\"https://ttm.financial/S/ALLK\">$Allakos Inc.(ALLK)$</a>chances of rebound?","text":"$Allakos Inc.(ALLK)$chances of rebound?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009828145","isVote":1,"tweetType":1,"viewCount":2444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000759216,"gmtCreate":1640317366017,"gmtModify":1676533516290,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"After the 90 percent plunge of Allakos Inc, it fell all the way up till about 8 USD at its lowest. Recently there were signs that it might rebound. What do you think?","listText":"After the 90 percent plunge of Allakos Inc, it fell all the way up till about 8 USD at its lowest. Recently there were signs that it might rebound. What do you think?","text":"After the 90 percent plunge of Allakos Inc, it fell all the way up till about 8 USD at its lowest. Recently there were signs that it might rebound. What do you think?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000759216","isVote":1,"tweetType":1,"viewCount":1181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000675832,"gmtCreate":1640184385434,"gmtModify":1676533505492,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"htmlText":"Tesla goes BRRRRRRRRRR","listText":"Tesla goes BRRRRRRRRRR","text":"Tesla goes BRRRRRRRRRR","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000675832","isVote":1,"tweetType":1,"viewCount":1444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000110642,"gmtCreate":1640002643746,"gmtModify":1676533497946,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586512883755298","idStr":"3586512883755298"},"themes":[],"title":"The future of vaccine shares","htmlText":"The key to the rise and fall of Pfizer, Modernaetc depends heavily on the outcome of Covid19. Will investing on such stocks be a good short term or long term investment? Even after Covid19 pandemic dies down, when will the nextpandemic happen in the world?Throughout the 21st century, we see SARS, Ebola, MERS , HFMD and other diseases spread throughout the years, affecting various regions. It is not a matter of will it happen but a matter of when will it happen.Hence, investing on vaccine shares seem to be bullish on a long term overview.","listText":"The key to the rise and fall of Pfizer, Modernaetc depends heavily on the outcome of Covid19. Will investing on such stocks be a good short term or long term investment? Even after Covid19 pandemic dies down, when will the nextpandemic happen in the world?Throughout the 21st century, we see SARS, Ebola, MERS , HFMD and other diseases spread throughout the years, affecting various regions. It is not a matter of will it happen but a matter of when will it happen.Hence, investing on vaccine shares seem to be bullish on a long term overview.","text":"The key to the rise and fall of Pfizer, Modernaetc depends heavily on the outcome of Covid19. Will investing on such stocks be a good short term or long term investment? Even after Covid19 pandemic dies down, when will the nextpandemic happen in the world?Throughout the 21st century, we see SARS, Ebola, MERS , HFMD and other diseases spread throughout the years, affecting various regions. It is not a matter of will it happen but a matter of when will it happen.Hence, investing on vaccine shares seem to be bullish on a long term overview.","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000110642","isVote":1,"tweetType":1,"viewCount":1291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9008342879,"gmtCreate":1641373911775,"gmtModify":1676533607284,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>Any idea when they would give their next dividend?","listText":"<a href=\"https://ttm.financial/S/S68.SI\">$SINGAPORE EXCHANGE LIMITED(S68.SI)$</a>Any idea when they would give their next dividend?","text":"$SINGAPORE EXCHANGE LIMITED(S68.SI)$Any idea when they would give their next dividend?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":21,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008342879","isVote":1,"tweetType":1,"viewCount":3029,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4095548019553830","authorId":"4095548019553830","name":"ZIONSOE","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"idStr":"4095548019553830","authorIdStr":"4095548019553830"},"content":"Last year they gave end of January. i guess this month.","text":"Last year they gave end of January. i guess this month.","html":"Last year they gave end of January. i guess this month."},{"author":{"id":"4100833454173050","authorId":"4100833454173050","name":"DiAngel","avatar":"https://community-static.tradeup.com/news/f7c2ee91188421bf874cdbc97fb77886","crmLevel":11,"crmLevelSwitch":0,"idStr":"4100833454173050","authorIdStr":"4100833454173050"},"content":"Last year 8Feb2021 dividend payout. U can go to https://sginvestors.io/news/sgx-upcoming-dividend-capital-issue-entitlement To check out the upcoming dividends","text":"Last year 8Feb2021 dividend payout. U can go to https://sginvestors.io/news/sgx-upcoming-dividend-capital-issue-entitlement To check out the upcoming dividends","html":"Last year 8Feb2021 dividend payout. U can go to https://sginvestors.io/news/sgx-upcoming-dividend-capital-issue-entitlement To check out the upcoming dividends"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009828145,"gmtCreate":1640616754192,"gmtModify":1676533529521,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/ALLK\">$Allakos Inc.(ALLK)$</a>chances of rebound?","listText":"<a href=\"https://ttm.financial/S/ALLK\">$Allakos Inc.(ALLK)$</a>chances of rebound?","text":"$Allakos Inc.(ALLK)$chances of rebound?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009828145","isVote":1,"tweetType":1,"viewCount":2444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099879827,"gmtCreate":1643335587538,"gmtModify":1676533807165,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> LOOK OUT&nbsp;BUY THE RUMOUR SELL THE NEWS!Dont be like <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> LOOK OUT&nbsp;BUY THE RUMOUR SELL THE NEWS!Dont be like <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>","text":"$Apple(AAPL)$ LOOK OUT BUY THE RUMOUR SELL THE NEWS!Dont be like $Tesla Motors(TSLA)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099879827","isVote":1,"tweetType":1,"viewCount":2446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001044680,"gmtCreate":1641122343072,"gmtModify":1676533574083,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/03333\">$EVERGRANDE(03333)$</a>good buy?","listText":"<a href=\"https://ttm.financial/S/03333\">$EVERGRANDE(03333)$</a>good buy?","text":"$EVERGRANDE(03333)$good buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001044680","isVote":1,"tweetType":1,"viewCount":1856,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3567412323589940","authorId":"3567412323589940","name":"BernardLL","avatar":"https://community-static.tradeup.com/news/394a3bcfbe9cedca3b2695131f57bb6d","crmLevel":12,"crmLevelSwitch":1,"idStr":"3567412323589940","authorIdStr":"3567412323589940"},"content":"Buy into strength, not into weakness. This company is finished. Dont think it will not go lower. Too risky.","text":"Buy into strength, not into weakness. This company is finished. Dont think it will not go lower. Too risky.","html":"Buy into strength, not into weakness. This company is finished. Dont think it will not go lower. Too risky."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9098102347,"gmtCreate":1644034817292,"gmtModify":1676533884968,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"Opportunity&nbsp;","listText":"Opportunity&nbsp;","text":"Opportunity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9098102347","repostId":"1196927717","repostType":4,"repost":{"id":"1196927717","kind":"news","pubTimestamp":1644033090,"share":"https://ttm.financial/m/news/1196927717?lang=en_US&edition=fundamental","pubTime":"2022-02-05 11:51","market":"us","language":"en","title":"Palantir: Red Flag Or Opportunity?","url":"https://stock-news.laohu8.com/highlight/detail?id=1196927717","media":"Seeking Alpha","summary":"SummaryPalantir has only 203 total customers as of Q3 2021, while just 20 of those customers account","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Palantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.</li><li>Revenue growth in Palantir’s core client cohort slowed to 20% annualized through the first three quarters of 2021 compared to 2020.</li><li>During 2021, Palantir fundamentally transformed its go-to-market strategy. The company is now using its cash to aggressively invest in other companies (Investees) who agree to purchase Palantir’s software.</li><li>Management continues to guide for 30% sales growth through mid-decade. However, Palantir’s 3-phase business model hints at sales trending lower excluding its Investee sales.</li><li>Palantir offers extraordinary long-term growth potential which should place it on the watchlist of all growth investors. The investment case rests on the fulcrum between opportunity and red flags.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd7a77abaec0ea0aa58eebb9ce4b9606\" tg-width=\"1536\" tg-height=\"1187\" width=\"100%\" height=\"auto\"/><span>agawa288/iStock via Getty Images</span></p><p>I am assigning Palantir (NYSE:PLTR) a neutral risk/reward rating as the long-term growth opportunity is counterbalanced by near-term red flags. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, a number of notable red flags warrant caution. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error.</p><p><b>Risk/Reward Rating: Neutral</b></p><p>Palantir has an unusual business model compared to its peers in the enterprise software sector in regard to how it acquires and grows its customer base. The company categorizes its customers according to three phases of development or cohorts: (1) Acquire, (2) Expand, and (3) Scale. While they are generic terms that are applicable to all businesses, they are unique in the case of Palantir due to how the company approaches its customers.</p><p><b>Customer Detail</b></p><p>Palantir defines a customer in the Acquire cohort as one that has generated less than $100,000 of revenue as of year-end while being unprofitable to Palantir. The Expand cohort is characterized by a customer that generated more than $100,000 of sales yet remained unprofitable. Finally, the Scale cohort is defined as a customer that has generated more than $100,000 of revenue while being a profitable relationship for Palantir during the year.</p><p>The following tables were compiled from Palantir’s Q3 2021 10-Q filed with the SEC. The first table displays Palantir’s 2020 sales from each of the client cohorts which were categorized at the end of 2020 (2020 Revenue). In the 2021 Annualized column, you will find the sales of each of these 2020 customer cohorts through Q3 2021 annualized. In the second set of tables, I have compiled key details regarding Palantir’s largest customers over the past twelve months, as well as critical details pertaining to customers that are new to Palantir in 2021 which are not yet assigned to a cohort. Cohort categorization occurs at the end of each year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e38ee31a1d6e826d2d02216e39ac570\" tg-width=\"640\" tg-height=\"151\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b4dc61112528e104ef0d3a8dc80f89d1\" tg-width=\"581\" tg-height=\"481\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>For ease of comparison, I have color-coded the information that is related. One of the dominant realities for Palantir is its concentrated customer base, which is highlighted in blue. Palantir has only 203 customers, with the top 20 accounting for 58% of sales.</p><p>By definition, Palantir’s largest customers are in the Scale cohort. Through the first three quarters of 2021, the Scale cohort (categorized as such at the end of 2020) is growing at an annualized rate of 20%. Given that this group accounts for 86% of Palantir’s revenue, it will be challenging to move the sales growth needle materially above 20% without explosive growth from the other two cohorts or a material acceleration from the Scale cohort. It should be noted that management is guiding to 30% annual sales growth through mid-decade.</p><p>The 2020 year-end Acquire and Expand cohorts are highlighted in yellow in the upper table. New customers in 2021 will not be assigned to a cohort until the year-end Palantir report. I have highlighted the pertinent 2021 new customer data in yellow for easy comparison to the 2020 Acquire and Expand customer cohorts. I view the 2021 new customer sales performance excluding sales to Investees to be a sustainable core growth rate. The Investee customer acquisition strategy is extraordinarily unusual and carries an exceedingly high capital risk which introduces reputational and, therefore, brand risk.</p><p>Please note that Investee here refers to customers that Palantir has purchased the stock of in return for the Investee using Palantir’s software. Meaning, the revenue from Investees is a reciprocation of Palantir investing in the shares of these customers. In this respect, these are not arm’s-length transactions. I believe the new client numbers excluding sales to Investees is an important data point for ascertaining a purely market-based new customer growth rate.</p><p>Similar to the Scale cohort growth rate annualizing at 20% in 2021, the new customer sales growth rate is annualizing at 22% through Q3 2021 compared to the $20.6 million of sales from the Acquire and Expand cohorts of 2020. While this is not a perfect comparison for sales growth from new customers, it is a fair estimation. As a result, Palantir appears to be trending toward an underlying sales growth rate closer to 20% than the company’s 30% sales growth guidance through mid-decade.</p><p><b>Investees</b></p><p>It is important to step back and review Palantir’s investments in Investees as this is an extraordinarily unusual go-to-market strategy for customer acquisition. The above numbers, which suggest revenue growth is trending toward 20%, place Palantir’s use of its balance sheet cash to fund new customers in a new light. The following tables were compiled from Palantir’s Q3 2021 10-Q. The first table lists companies that Palantir has funded as of the end of Q3 2021. The second table displays Palantir’s investment commitments to new companies that are not yet funded.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4dda111182479c1fbaddc642369e4bd3\" tg-width=\"640\" tg-height=\"264\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>I have conducted a cursory review of each of the above companies. The common theme is that they are all early-stage companies in the most popular growth sectors. These sectors include EVs, robotics, flying electric vehicles, satellite services and drug discovery. None of the Investees appears to offer enough appreciation potential in its own right to move the needle materially for Palantir’s valuation. Palantir’s ownership stake ranges from 0.4% to 1.6%.</p><p>It remains unclear how much of each company’s funding can be spent on Palantir’s software. Furthermore, it is not clear if the $19 million of revenue through Q3 2021 from these companies is sustainable.</p><p>I have highlighted in blue Palantir’s total investment of $150 million in the seven companies. The yellow highlighted cell represents the current valuation of the investments. Palantir is now down approximately $64 million on these seven companies alone. This highlights an extreme risk for this method of customer acquisition as the capital losses to date dwarf the revenue generated. There are other private company investments not listed above, however, Palantir does not break out the details. They are included in other assets on Palantir’s balance sheet which amounted to $116 million as of Q3 2021.</p><p>The following table displays Palantir’s commitments to invest in new companies as of Q3 2021. I have highlighted in yellow the two companies that Palantir funded subsequent to the end of Q3 2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e06664e25242d0bacb6f2a64a7a80228\" tg-width=\"640\" tg-height=\"526\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>I have highlighted in blue the total funding commitment for new investments as of Q3 2021. This is $252 million on top of the $150 million completed prior to the end of Q3. While I have not looked into these particular companies, they appear similar to the first seven investments reviewed above. Meaning, they appear to carry extreme capital risk with upside potential that is likely to be minimal when compared to the valuation upside inherent in Palantir’s software business. It should be noted that recent valuations were extreme and continue to contract rapidly. As a result, the timing risk for capital loss is also heightened by making the investments at the top of the VC/IPO cycle.</p><p><b>Financial Performance</b></p><p>Turning to Palantir’s recent performance, I have chosen to view sales growth excluding the Investees as this is the most likely sustainable growth trajectory. The following table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC. I made an adjustment by removing Investee revenue to arrive at a net revenue figure.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b09c2f2aada9cb30c8b720be23d096e2\" tg-width=\"640\" tg-height=\"156\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>I have highlighted in yellow the 29% revenue growth in Q3 2021 after removing the Investee revenue. Investees added 6.5% to growth in Q3. Year-to-date, the Investee revenue accounted for 1.7% revenue growth. The 29% growth rate is already decelerating beneath the company’s 30% growth guidance through mid-decade. Keep in mind that the Investee revenue stream will grow with additional funding of Palantir’s investment commitments. Regardless, growth is decelerating rapidly at 29% in Q3 compared to 41% year-to-date excluding these non-arm’s-length sales.</p><p><b>Geographic &amp; Segment Sales</b></p><p>The sales slowdown is being led by France, which contracted 22% through the first three quarters of 2021 (highlighted in orange below). It should be noted that Palantir has had a material relationship with Airbus and the airline industry. This could be a negative read through for an important client and industry. While the US remained the best performer in Q3 2021, growth is slowing rapidly as is evidenced by the blue highlighted cells below. The table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b19bc17658ff1b951eec789ec95deddd\" tg-width=\"640\" tg-height=\"314\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>In addition to France, the rest of the world is also slowing rapidly, from 45% through the first nine months of the year to 20% in Q3 2021. Please note that these are reported sales without any adjustments. The following table was compiled from the same SEC filing and highlights that the large sales slowdown in Q3 occurred in the Government segment. Please keep in mind that the Investee revenue is included in the figures below and added approximately 6.5% to the Q3 growth rate in the Commercial segment.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9a553cc3913c2af281262da7b15bdc3c\" tg-width=\"640\" tg-height=\"278\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>In summary, the Commercial segment is growing revenue rather steadily, approximately 29% excluding the Investee revenue. However, the Government segment is decelerating rapidly, from 57% through the first nine months of 2021 to 34% in Q3.</p><p><b>Gross Profit &amp; KPI</b></p><p>Palantir’s unusual customer acquisition strategy predates the shift to Investees. The company’s sales and marketing expenses appear to be quite similar to the cost of goods sold for other companies. This is the case because Palantir offers prospective customers free pilot programs as opposed to requiring payment upfront for use of its software. Sales and marketing personnel execute the pilot programs and coordinate solution development in order to generate sales. The following quote from the Q3 2021 10-Q summarizes the situation:</p><blockquote>Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for our sales force and personnel involved in executing on pilots and customer growth activities...</blockquote><p>As a result, I view the sales and marketing expense in the case of Palantir to be a cost of goods sold and reduction to gross margin. While this categorization does not affect the bottom line, it does serve to place the reported 78% gross margin in context.</p><p>I believe this perspective on sales and marketing expense is helpful in thinking about Palantir’s business model in relation to other companies and relative valuations that rely on gross profit margins. The following table was compiled from Palantir’s Q3 2021 10-Q and displays the reported cost of revenue and sales and marketing expense adjusted by removing the related stock-based compensation expense from each line item.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55c5e5fcea6102ca9d0542c130ee1d15\" tg-width=\"640\" tg-height=\"501\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>Notice that the adjusted gross profit growth has slowed considerably to 25% in Q3 (highlighted in blue in the lower portion of the table) compared to 59% through the first nine months of 2021 (highlighted in yellow). The cost of sales is rising rapidly in Q3 2021 compared to the first nine months of the year.</p><p>Palantir utilizes one KPI or Key Performance Indicator to judge performance and inform decision-making, which is referred to as Contribution Margin. It is similar to my adjusted gross margin figure above as can be seen in the following table compiled from Palantir’s Q3 2021 10-Q.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cc4e966e16c27ea17f99ccb08a18957\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>Notice that the contribution row is remarkably similar to my adjusted gross profit row in the previous table. Additionally, the growth rate deceleration is similar, as can be seen in the highlighted cells. While 37% is materially different from my estimate of 25% growth, the step change lower from 64% is of similar amplitude.</p><p><b>Operating Income</b></p><p>Turning to operating income, I have adjusted the reported figures once again by removing stock option-related expenses as well as one-off expenses pertaining to the direct listing IPO in 2020. The overriding message is once again one of rapid deceleration. The following table was compiled from the same SEC filing and displays operating expenses excluding sales and marketing expenses, as well as my adjusted operating income estimate.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f5f344c289a598ec7824067b39c04f09\" tg-width=\"640\" tg-height=\"479\" width=\"100%\" height=\"auto\"/><span>Source: Created by Brian Kapp, stoxdox</span></p><p>In the lower section of the table, notice the incredible deceleration in adjusted operating income to 40% growth in Q3 of 2021 compared to 266% growth through the first nine months of the year. General and administrative expenses accelerated rapidly in Q3 2021, while Palantir materially reduced research and development investment to just 5% growth in Q3.</p><p>The research and development investment slowdown could be a negative read through for sales growth as R&amp;D is an integral part of the sales process. Research and development expenses should track the sales cycle through the three customer phases: Acquire, Expand, and Scale. As customer needs are identified by sales and marketing, research and development expenses should respond to increased future sales potential. This does not appear to be happening at the moment.</p><p>As of Q3 2021, Palantir is annualizing at an adjusted operating income run rate of approximately $300 to $320 million, or about $.16 per share. This is a before-tax operating income figure. The primary takeaway from the operating income front is that profitability is slowing rapidly. This provides additional color for the unusual Investee customer acquisition strategy being deployed.</p><p><b>Consensus Growth Estimates</b></p><p>If Palantir is producing at a $320 million adjusted annual operating income run rate and it was taxed at a normalized 25% rate, the current earnings power would be in the $240 million range or $.12 per diluted share. With this information and the growth deceleration outlined above, we can begin to put consensus earnings estimates into context. The following table was compiled from Seeking Alpha and displays consensus earnings and revenue estimates through 2023.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/022fd2d18964776a3e20294c7917548f\" tg-width=\"640\" tg-height=\"241\" width=\"100%\" height=\"auto\"/><span>Source: Seeking Alpha. Created by Brian Kapp, stoxdox</span></p><p>I have highlighted the 2022 consensus estimates for earnings and sales growth. Notice that the 39% consensus earnings growth estimate for 2022 is in line with the 40% operating income growth posted in Q3 of 2021. Additionally, the sales growth estimate of 30% is just above the 29% adjusted sales growth in Q3 2021 excluding sales to Investees.</p><p>The 39% earnings growth expected for 2022 appears to be at material risk of being too high given the rapid slowdown in operating income to 40% in Q3 2021 compared to 266% through the first nine months of the year. This trajectory would likely place earnings growth for 2022 well below 39%.</p><p>The 30% sales growth estimate for 2022 looks to be achievable given Palantir’s aggressive investment strategy in regard to Investees who then purchase Palantir software. I believe the market will tend to discount Investee sales as I have. Excluding these sales, the revenue growth trajectory appears to be trending closer to 20% than 30% for 2022, which opens the door to further growth disappointment.</p><p>Looking to consensus estimates for 2023, the expected growth rates are remarkably similar to 2022. This straight-line growth forecast through 2023 adds to the risk that consensus estimates could be too high over the coming years. The current trajectory points to growth materially below that expected for 2022 and 2023.</p><p><b>Valuation</b></p><p>Palantir is trading at 87x the consensus earnings estimate for 2021 and 62x that for 2022. Please keep in mind that these are non-GAAP (generally accepted accounting principles) earnings estimates. On a GAAP basis, Palantir continues to produce at a loss. The reported loss in Q3 2021 was $92 million and was $352 million through the first nine months of 2021.</p><p>Using the non-GAAP earnings estimates, 87x current year earnings and 62x forward earnings are extreme valuations from a historical market perspective. That said, they are within the realm of possibility for a growth stock in recent years. When viewed against Palantir’s rapidly slowing sales and operating income growth rates, as well as the heightened risk that consensus estimates may be too high, the current valuation multiples on consensus estimates offer little margin for error.</p><p>On the sales front, Palantir is valued at 17x the consensus 2021 revenue estimate and 13x that for 2022. These are extreme price-to-sales multiples for a large-cap company from a historical perspective. My estimate of core sales growth trending toward 20% excluding Investee revenue suggests that these valuation multiples on sales also offer little margin for error.</p><p>The valuation risks are further elevated when combined with the rapidly slowing operating income growth. Furthermore, as can be seen in my adjusted gross margin figure growing at 25% as of Q3 2021, the Palantir business model may not be supportive of a historically extreme price-to-sales valuation.</p><p><b>Technicals</b></p><p>While the fundamental backdrop points toward little margin for error and subdued excess return potential, the technical setup suggests more meaningful upside return potential. The following 3-year weekly chart offers a bird’s eye view of the potential technical return spectrum. I have highlighted the key resistance levels with orange horizontal lines and the primary support level with a green line.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e9aaa4f2a36fa507e420c9353d0cd91c\" tg-width=\"640\" tg-height=\"372\" width=\"100%\" height=\"auto\"/><span>Palantir 3-year weekly chart. (Created by Brian Kapp using a chart from Barchart.com)</span></p><p>The return potential to the nearest resistance levels of $19 and $22 is 43% and 65%, respectively. On the downside, the nearest support lies at the IPO price range near $10. The downside return potential to this level is -25%. It should be noted that Palantir’s short trading history of 16 months limits the usefulness of technical analysis. Additionally, with no trading history beneath the IPO price, it is unclear where support will be found if the $10 level is breached to the downside.</p><p>To estimate downside potential beneath $10, I apply an earnings multiple of 40x the 2022 non-GAAP consensus earnings estimate. This valuation is twice that of the current market averages and would place Palantir shares at $8. This represents -40% downside risk from current levels.</p><p>If the 39% consensus earnings estimate for 2022 is too high, further downside from $8 is in the realm of possibility. To estimate the downside risk potential if estimates are too high, I apply the same 40x non-GAAP earnings to my estimate of Palantir’s current annual run rate for fully-taxed, non-GAAP profitability. If earnings growth comes in at 25% for 2022 (my estimate of adjusted gross profit growth as of Q3 2021) on top of my estimate of $.12 for the current annual run rate of adjusted earnings after tax, the shares could trade down to $6. This would represent downside risk of -55%.</p><p>The following daily chart provides a closer look at the technical backdrop.</p><p><img src=\"https://static.tigerbbs.com/fa32fdab79f60368696ab122ff81b60a\" tg-width=\"640\" tg-height=\"372\" width=\"100%\" height=\"auto\"/></p><p>The technical picture suggests heavy resistance between $19 and $22. Given the unrelenting downtrend over the past three months, a near-term bounce is likely. That said, the upside technical potential combined with the downside fundamental potential leaves the shares with a balanced potential return spectrum of 65% to -55% over the near term.</p><p><b>Summary</b></p><p>All told, Palantir should be placed on the watchlist for high-risk growth investors. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, with notable red flags in the mix, caution is in order. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error. The resulting symmetry between risk and reward results in a neutral rating.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: Red Flag Or Opportunity?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: Red Flag Or Opportunity?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-05 11:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4484295-palantir-red-flag-or-opportunity><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryPalantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.Revenue growth in Palantir’s core client cohort slowed to 20% annualized ...</p>\n\n<a href=\"https://seekingalpha.com/article/4484295-palantir-red-flag-or-opportunity\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4484295-palantir-red-flag-or-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196927717","content_text":"SummaryPalantir has only 203 total customers as of Q3 2021, while just 20 of those customers account for 58% of total revenue.Revenue growth in Palantir’s core client cohort slowed to 20% annualized through the first three quarters of 2021 compared to 2020.During 2021, Palantir fundamentally transformed its go-to-market strategy. The company is now using its cash to aggressively invest in other companies (Investees) who agree to purchase Palantir’s software.Management continues to guide for 30% sales growth through mid-decade. However, Palantir’s 3-phase business model hints at sales trending lower excluding its Investee sales.Palantir offers extraordinary long-term growth potential which should place it on the watchlist of all growth investors. The investment case rests on the fulcrum between opportunity and red flags.agawa288/iStock via Getty ImagesI am assigning Palantir (NYSE:PLTR) a neutral risk/reward rating as the long-term growth opportunity is counterbalanced by near-term red flags. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, a number of notable red flags warrant caution. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error.Risk/Reward Rating: NeutralPalantir has an unusual business model compared to its peers in the enterprise software sector in regard to how it acquires and grows its customer base. The company categorizes its customers according to three phases of development or cohorts: (1) Acquire, (2) Expand, and (3) Scale. While they are generic terms that are applicable to all businesses, they are unique in the case of Palantir due to how the company approaches its customers.Customer DetailPalantir defines a customer in the Acquire cohort as one that has generated less than $100,000 of revenue as of year-end while being unprofitable to Palantir. The Expand cohort is characterized by a customer that generated more than $100,000 of sales yet remained unprofitable. Finally, the Scale cohort is defined as a customer that has generated more than $100,000 of revenue while being a profitable relationship for Palantir during the year.The following tables were compiled from Palantir’s Q3 2021 10-Q filed with the SEC. The first table displays Palantir’s 2020 sales from each of the client cohorts which were categorized at the end of 2020 (2020 Revenue). In the 2021 Annualized column, you will find the sales of each of these 2020 customer cohorts through Q3 2021 annualized. In the second set of tables, I have compiled key details regarding Palantir’s largest customers over the past twelve months, as well as critical details pertaining to customers that are new to Palantir in 2021 which are not yet assigned to a cohort. Cohort categorization occurs at the end of each year.Source: Created by Brian Kapp, stoxdoxSource: Created by Brian Kapp, stoxdoxFor ease of comparison, I have color-coded the information that is related. One of the dominant realities for Palantir is its concentrated customer base, which is highlighted in blue. Palantir has only 203 customers, with the top 20 accounting for 58% of sales.By definition, Palantir’s largest customers are in the Scale cohort. Through the first three quarters of 2021, the Scale cohort (categorized as such at the end of 2020) is growing at an annualized rate of 20%. Given that this group accounts for 86% of Palantir’s revenue, it will be challenging to move the sales growth needle materially above 20% without explosive growth from the other two cohorts or a material acceleration from the Scale cohort. It should be noted that management is guiding to 30% annual sales growth through mid-decade.The 2020 year-end Acquire and Expand cohorts are highlighted in yellow in the upper table. New customers in 2021 will not be assigned to a cohort until the year-end Palantir report. I have highlighted the pertinent 2021 new customer data in yellow for easy comparison to the 2020 Acquire and Expand customer cohorts. I view the 2021 new customer sales performance excluding sales to Investees to be a sustainable core growth rate. The Investee customer acquisition strategy is extraordinarily unusual and carries an exceedingly high capital risk which introduces reputational and, therefore, brand risk.Please note that Investee here refers to customers that Palantir has purchased the stock of in return for the Investee using Palantir’s software. Meaning, the revenue from Investees is a reciprocation of Palantir investing in the shares of these customers. In this respect, these are not arm’s-length transactions. I believe the new client numbers excluding sales to Investees is an important data point for ascertaining a purely market-based new customer growth rate.Similar to the Scale cohort growth rate annualizing at 20% in 2021, the new customer sales growth rate is annualizing at 22% through Q3 2021 compared to the $20.6 million of sales from the Acquire and Expand cohorts of 2020. While this is not a perfect comparison for sales growth from new customers, it is a fair estimation. As a result, Palantir appears to be trending toward an underlying sales growth rate closer to 20% than the company’s 30% sales growth guidance through mid-decade.InvesteesIt is important to step back and review Palantir’s investments in Investees as this is an extraordinarily unusual go-to-market strategy for customer acquisition. The above numbers, which suggest revenue growth is trending toward 20%, place Palantir’s use of its balance sheet cash to fund new customers in a new light. The following tables were compiled from Palantir’s Q3 2021 10-Q. The first table lists companies that Palantir has funded as of the end of Q3 2021. The second table displays Palantir’s investment commitments to new companies that are not yet funded.Source: Created by Brian Kapp, stoxdoxI have conducted a cursory review of each of the above companies. The common theme is that they are all early-stage companies in the most popular growth sectors. These sectors include EVs, robotics, flying electric vehicles, satellite services and drug discovery. None of the Investees appears to offer enough appreciation potential in its own right to move the needle materially for Palantir’s valuation. Palantir’s ownership stake ranges from 0.4% to 1.6%.It remains unclear how much of each company’s funding can be spent on Palantir’s software. Furthermore, it is not clear if the $19 million of revenue through Q3 2021 from these companies is sustainable.I have highlighted in blue Palantir’s total investment of $150 million in the seven companies. The yellow highlighted cell represents the current valuation of the investments. Palantir is now down approximately $64 million on these seven companies alone. This highlights an extreme risk for this method of customer acquisition as the capital losses to date dwarf the revenue generated. There are other private company investments not listed above, however, Palantir does not break out the details. They are included in other assets on Palantir’s balance sheet which amounted to $116 million as of Q3 2021.The following table displays Palantir’s commitments to invest in new companies as of Q3 2021. I have highlighted in yellow the two companies that Palantir funded subsequent to the end of Q3 2021.Source: Created by Brian Kapp, stoxdoxI have highlighted in blue the total funding commitment for new investments as of Q3 2021. This is $252 million on top of the $150 million completed prior to the end of Q3. While I have not looked into these particular companies, they appear similar to the first seven investments reviewed above. Meaning, they appear to carry extreme capital risk with upside potential that is likely to be minimal when compared to the valuation upside inherent in Palantir’s software business. It should be noted that recent valuations were extreme and continue to contract rapidly. As a result, the timing risk for capital loss is also heightened by making the investments at the top of the VC/IPO cycle.Financial PerformanceTurning to Palantir’s recent performance, I have chosen to view sales growth excluding the Investees as this is the most likely sustainable growth trajectory. The following table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC. I made an adjustment by removing Investee revenue to arrive at a net revenue figure.Source: Created by Brian Kapp, stoxdoxI have highlighted in yellow the 29% revenue growth in Q3 2021 after removing the Investee revenue. Investees added 6.5% to growth in Q3. Year-to-date, the Investee revenue accounted for 1.7% revenue growth. The 29% growth rate is already decelerating beneath the company’s 30% growth guidance through mid-decade. Keep in mind that the Investee revenue stream will grow with additional funding of Palantir’s investment commitments. Regardless, growth is decelerating rapidly at 29% in Q3 compared to 41% year-to-date excluding these non-arm’s-length sales.Geographic & Segment SalesThe sales slowdown is being led by France, which contracted 22% through the first three quarters of 2021 (highlighted in orange below). It should be noted that Palantir has had a material relationship with Airbus and the airline industry. This could be a negative read through for an important client and industry. While the US remained the best performer in Q3 2021, growth is slowing rapidly as is evidenced by the blue highlighted cells below. The table was compiled from Palantir’s Q3 2021 10-Q filed with the SEC.Source: Created by Brian Kapp, stoxdoxIn addition to France, the rest of the world is also slowing rapidly, from 45% through the first nine months of the year to 20% in Q3 2021. Please note that these are reported sales without any adjustments. The following table was compiled from the same SEC filing and highlights that the large sales slowdown in Q3 occurred in the Government segment. Please keep in mind that the Investee revenue is included in the figures below and added approximately 6.5% to the Q3 growth rate in the Commercial segment.Source: Created by Brian Kapp, stoxdoxIn summary, the Commercial segment is growing revenue rather steadily, approximately 29% excluding the Investee revenue. However, the Government segment is decelerating rapidly, from 57% through the first nine months of 2021 to 34% in Q3.Gross Profit & KPIPalantir’s unusual customer acquisition strategy predates the shift to Investees. The company’s sales and marketing expenses appear to be quite similar to the cost of goods sold for other companies. This is the case because Palantir offers prospective customers free pilot programs as opposed to requiring payment upfront for use of its software. Sales and marketing personnel execute the pilot programs and coordinate solution development in order to generate sales. The following quote from the Q3 2021 10-Q summarizes the situation:Sales and marketing costs primarily include salaries, stock-based compensation expense, and benefits for our sales force and personnel involved in executing on pilots and customer growth activities...As a result, I view the sales and marketing expense in the case of Palantir to be a cost of goods sold and reduction to gross margin. While this categorization does not affect the bottom line, it does serve to place the reported 78% gross margin in context.I believe this perspective on sales and marketing expense is helpful in thinking about Palantir’s business model in relation to other companies and relative valuations that rely on gross profit margins. The following table was compiled from Palantir’s Q3 2021 10-Q and displays the reported cost of revenue and sales and marketing expense adjusted by removing the related stock-based compensation expense from each line item.Source: Created by Brian Kapp, stoxdoxNotice that the adjusted gross profit growth has slowed considerably to 25% in Q3 (highlighted in blue in the lower portion of the table) compared to 59% through the first nine months of 2021 (highlighted in yellow). The cost of sales is rising rapidly in Q3 2021 compared to the first nine months of the year.Palantir utilizes one KPI or Key Performance Indicator to judge performance and inform decision-making, which is referred to as Contribution Margin. It is similar to my adjusted gross margin figure above as can be seen in the following table compiled from Palantir’s Q3 2021 10-Q.Source: Created by Brian Kapp, stoxdoxNotice that the contribution row is remarkably similar to my adjusted gross profit row in the previous table. Additionally, the growth rate deceleration is similar, as can be seen in the highlighted cells. While 37% is materially different from my estimate of 25% growth, the step change lower from 64% is of similar amplitude.Operating IncomeTurning to operating income, I have adjusted the reported figures once again by removing stock option-related expenses as well as one-off expenses pertaining to the direct listing IPO in 2020. The overriding message is once again one of rapid deceleration. The following table was compiled from the same SEC filing and displays operating expenses excluding sales and marketing expenses, as well as my adjusted operating income estimate.Source: Created by Brian Kapp, stoxdoxIn the lower section of the table, notice the incredible deceleration in adjusted operating income to 40% growth in Q3 of 2021 compared to 266% growth through the first nine months of the year. General and administrative expenses accelerated rapidly in Q3 2021, while Palantir materially reduced research and development investment to just 5% growth in Q3.The research and development investment slowdown could be a negative read through for sales growth as R&D is an integral part of the sales process. Research and development expenses should track the sales cycle through the three customer phases: Acquire, Expand, and Scale. As customer needs are identified by sales and marketing, research and development expenses should respond to increased future sales potential. This does not appear to be happening at the moment.As of Q3 2021, Palantir is annualizing at an adjusted operating income run rate of approximately $300 to $320 million, or about $.16 per share. This is a before-tax operating income figure. The primary takeaway from the operating income front is that profitability is slowing rapidly. This provides additional color for the unusual Investee customer acquisition strategy being deployed.Consensus Growth EstimatesIf Palantir is producing at a $320 million adjusted annual operating income run rate and it was taxed at a normalized 25% rate, the current earnings power would be in the $240 million range or $.12 per diluted share. With this information and the growth deceleration outlined above, we can begin to put consensus earnings estimates into context. The following table was compiled from Seeking Alpha and displays consensus earnings and revenue estimates through 2023.Source: Seeking Alpha. Created by Brian Kapp, stoxdoxI have highlighted the 2022 consensus estimates for earnings and sales growth. Notice that the 39% consensus earnings growth estimate for 2022 is in line with the 40% operating income growth posted in Q3 of 2021. Additionally, the sales growth estimate of 30% is just above the 29% adjusted sales growth in Q3 2021 excluding sales to Investees.The 39% earnings growth expected for 2022 appears to be at material risk of being too high given the rapid slowdown in operating income to 40% in Q3 2021 compared to 266% through the first nine months of the year. This trajectory would likely place earnings growth for 2022 well below 39%.The 30% sales growth estimate for 2022 looks to be achievable given Palantir’s aggressive investment strategy in regard to Investees who then purchase Palantir software. I believe the market will tend to discount Investee sales as I have. Excluding these sales, the revenue growth trajectory appears to be trending closer to 20% than 30% for 2022, which opens the door to further growth disappointment.Looking to consensus estimates for 2023, the expected growth rates are remarkably similar to 2022. This straight-line growth forecast through 2023 adds to the risk that consensus estimates could be too high over the coming years. The current trajectory points to growth materially below that expected for 2022 and 2023.ValuationPalantir is trading at 87x the consensus earnings estimate for 2021 and 62x that for 2022. Please keep in mind that these are non-GAAP (generally accepted accounting principles) earnings estimates. On a GAAP basis, Palantir continues to produce at a loss. The reported loss in Q3 2021 was $92 million and was $352 million through the first nine months of 2021.Using the non-GAAP earnings estimates, 87x current year earnings and 62x forward earnings are extreme valuations from a historical market perspective. That said, they are within the realm of possibility for a growth stock in recent years. When viewed against Palantir’s rapidly slowing sales and operating income growth rates, as well as the heightened risk that consensus estimates may be too high, the current valuation multiples on consensus estimates offer little margin for error.On the sales front, Palantir is valued at 17x the consensus 2021 revenue estimate and 13x that for 2022. These are extreme price-to-sales multiples for a large-cap company from a historical perspective. My estimate of core sales growth trending toward 20% excluding Investee revenue suggests that these valuation multiples on sales also offer little margin for error.The valuation risks are further elevated when combined with the rapidly slowing operating income growth. Furthermore, as can be seen in my adjusted gross margin figure growing at 25% as of Q3 2021, the Palantir business model may not be supportive of a historically extreme price-to-sales valuation.TechnicalsWhile the fundamental backdrop points toward little margin for error and subdued excess return potential, the technical setup suggests more meaningful upside return potential. The following 3-year weekly chart offers a bird’s eye view of the potential technical return spectrum. I have highlighted the key resistance levels with orange horizontal lines and the primary support level with a green line.Palantir 3-year weekly chart. (Created by Brian Kapp using a chart from Barchart.com)The return potential to the nearest resistance levels of $19 and $22 is 43% and 65%, respectively. On the downside, the nearest support lies at the IPO price range near $10. The downside return potential to this level is -25%. It should be noted that Palantir’s short trading history of 16 months limits the usefulness of technical analysis. Additionally, with no trading history beneath the IPO price, it is unclear where support will be found if the $10 level is breached to the downside.To estimate downside potential beneath $10, I apply an earnings multiple of 40x the 2022 non-GAAP consensus earnings estimate. This valuation is twice that of the current market averages and would place Palantir shares at $8. This represents -40% downside risk from current levels.If the 39% consensus earnings estimate for 2022 is too high, further downside from $8 is in the realm of possibility. To estimate the downside risk potential if estimates are too high, I apply the same 40x non-GAAP earnings to my estimate of Palantir’s current annual run rate for fully-taxed, non-GAAP profitability. If earnings growth comes in at 25% for 2022 (my estimate of adjusted gross profit growth as of Q3 2021) on top of my estimate of $.12 for the current annual run rate of adjusted earnings after tax, the shares could trade down to $6. This would represent downside risk of -55%.The following daily chart provides a closer look at the technical backdrop.The technical picture suggests heavy resistance between $19 and $22. Given the unrelenting downtrend over the past three months, a near-term bounce is likely. That said, the upside technical potential combined with the downside fundamental potential leaves the shares with a balanced potential return spectrum of 65% to -55% over the near term.SummaryAll told, Palantir should be placed on the watchlist for high-risk growth investors. The long-term opportunity lies in becoming a foundational enterprise operating system capable of integrating structured and unstructured data for real-time intelligence. However, with notable red flags in the mix, caution is in order. The primary red flags include slowing sales, an unusual go-to-market shift, rapidly decelerating profitability, and an elevated valuation which offers limited margin for error. The resulting symmetry between risk and reward results in a neutral rating.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":2663,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9065298656,"gmtCreate":1652194059276,"gmtModify":1676535049789,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> No idts but def top 5","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> No idts but def top 5","text":"$Tesla Motors(TSLA)$ No idts but def top 5","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9065298656","isVote":1,"tweetType":1,"viewCount":3826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008293619,"gmtCreate":1641444420671,"gmtModify":1676533616378,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"Honestly its just the big trying to stay big the big trying to protect their reputation","listText":"Honestly its just the big trying to stay big the big trying to protect their reputation","text":"Honestly its just the big trying to stay big the big trying to protect their reputation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008293619","repostId":"1126514803","repostType":4,"repost":{"id":"1126514803","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1641440351,"share":"https://ttm.financial/m/news/1126514803?lang=en_US&edition=fundamental","pubTime":"2022-01-06 11:39","market":"us","language":"en","title":"Google Pays Apple Billion Of Dollars To Keep Cupertino Out Of Search Business: Lawsuit Alleges","url":"https://stock-news.laohu8.com/highlight/detail?id=1126514803","media":"Benzinga","summary":"Alphabet, Inc. edged out its bigger tech peer Apple, Inc. to take the honors as the biggest gainer a","content":"<html><head></head><body><p><b>Alphabet, Inc.</b> edged out its bigger tech peer <b>Apple, Inc.</b> to take the honors as the biggest gainer among the FAANGs in 2021. A lawsuit filed in late December alleges that there is an unholy nexus between the two companies.</p><p><img src=\"https://static.tigerbbs.com/9ffced290efd9a05a555f5809c7fd1a1\" tg-width=\"685\" tg-height=\"375\" width=\"100%\" height=\"auto\"/></p><p><b>What Happened:</b>A class action lawsuit has been filed against Apple and Google as well as the CEOs of both companies for alleged antitrust violations, according to a statement put out by the Alioto law firm.</p><p>In the complaint, the plaintiffs charge that Google and Apple have made an agreement that Apple would not compete in the internet search business against Google. The terms of the non-compete agreement call for Google to share its search profits with Apple in return for getting preferential treatment in all Apple devices.</p><p>The complaint also alleges that executives of the companies regularly meet in secret and that Google is making annual multi-billion-dollar payments to Apple to stay out of the search business.</p><p>The claims do not appear without merit. Bernstein analyst <b>Toni Sacconaghi, Jr.</b> said in an Aug. 2021 note that Google is on track to pay $15 billion to Apple to continue using Google as the default search engine on iOS, up from $10 billion paid in 2020.</p><p>The companies are also charged with suppressing competition by foreclosing competitors from the search market and acquiring actual and potential competitors.</p><p><b>Why It&#39;s Important:</b>The class-action lawsuit comes at a time when governments across the globe have taken up cudgels against anticompetitive practices of tech behemoths.</p><p>While seeking an injunction prohibiting all these antitrust practices, the complaint also calls for the breakup of Google and Apple into separate and independent companies in accordance with the precedent of the breakup of oil companies.</p><p>A Google spokesperson told Benzinga the claims are completely false. &#34;We don&#39;t have any agreement with Apple preventing them from competing in search, and nothing in our search distribution agreement with Apple stops them from developing their own search services or from having promotional agreements with our competitors. Apple features Google Search on Safari because, in their words, it&#39;s &#34;the best.&#34; We look forward to debunking these meritless claims in court,&#34; the spokesperson added.</p><p>Benzinga&#39;s emails to Apple seeking clarification on the lawsuit went unanswered.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google Pays Apple Billion Of Dollars To Keep Cupertino Out Of Search Business: Lawsuit Alleges</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoogle Pays Apple Billion Of Dollars To Keep Cupertino Out Of Search Business: Lawsuit Alleges\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-01-06 11:39</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><b>Alphabet, Inc.</b> edged out its bigger tech peer <b>Apple, Inc.</b> to take the honors as the biggest gainer among the FAANGs in 2021. A lawsuit filed in late December alleges that there is an unholy nexus between the two companies.</p><p><img src=\"https://static.tigerbbs.com/9ffced290efd9a05a555f5809c7fd1a1\" tg-width=\"685\" tg-height=\"375\" width=\"100%\" height=\"auto\"/></p><p><b>What Happened:</b>A class action lawsuit has been filed against Apple and Google as well as the CEOs of both companies for alleged antitrust violations, according to a statement put out by the Alioto law firm.</p><p>In the complaint, the plaintiffs charge that Google and Apple have made an agreement that Apple would not compete in the internet search business against Google. The terms of the non-compete agreement call for Google to share its search profits with Apple in return for getting preferential treatment in all Apple devices.</p><p>The complaint also alleges that executives of the companies regularly meet in secret and that Google is making annual multi-billion-dollar payments to Apple to stay out of the search business.</p><p>The claims do not appear without merit. Bernstein analyst <b>Toni Sacconaghi, Jr.</b> said in an Aug. 2021 note that Google is on track to pay $15 billion to Apple to continue using Google as the default search engine on iOS, up from $10 billion paid in 2020.</p><p>The companies are also charged with suppressing competition by foreclosing competitors from the search market and acquiring actual and potential competitors.</p><p><b>Why It&#39;s Important:</b>The class-action lawsuit comes at a time when governments across the globe have taken up cudgels against anticompetitive practices of tech behemoths.</p><p>While seeking an injunction prohibiting all these antitrust practices, the complaint also calls for the breakup of Google and Apple into separate and independent companies in accordance with the precedent of the breakup of oil companies.</p><p>A Google spokesperson told Benzinga the claims are completely false. &#34;We don&#39;t have any agreement with Apple preventing them from competing in search, and nothing in our search distribution agreement with Apple stops them from developing their own search services or from having promotional agreements with our competitors. Apple features Google Search on Safari because, in their words, it&#39;s &#34;the best.&#34; We look forward to debunking these meritless claims in court,&#34; the spokesperson added.</p><p>Benzinga&#39;s emails to Apple seeking clarification on the lawsuit went unanswered.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","AAPL":"苹果","GOOGL":"谷歌A"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126514803","content_text":"Alphabet, Inc. edged out its bigger tech peer Apple, Inc. to take the honors as the biggest gainer among the FAANGs in 2021. A lawsuit filed in late December alleges that there is an unholy nexus between the two companies.What Happened:A class action lawsuit has been filed against Apple and Google as well as the CEOs of both companies for alleged antitrust violations, according to a statement put out by the Alioto law firm.In the complaint, the plaintiffs charge that Google and Apple have made an agreement that Apple would not compete in the internet search business against Google. The terms of the non-compete agreement call for Google to share its search profits with Apple in return for getting preferential treatment in all Apple devices.The complaint also alleges that executives of the companies regularly meet in secret and that Google is making annual multi-billion-dollar payments to Apple to stay out of the search business.The claims do not appear without merit. Bernstein analyst Toni Sacconaghi, Jr. said in an Aug. 2021 note that Google is on track to pay $15 billion to Apple to continue using Google as the default search engine on iOS, up from $10 billion paid in 2020.The companies are also charged with suppressing competition by foreclosing competitors from the search market and acquiring actual and potential competitors.Why It's Important:The class-action lawsuit comes at a time when governments across the globe have taken up cudgels against anticompetitive practices of tech behemoths.While seeking an injunction prohibiting all these antitrust practices, the complaint also calls for the breakup of Google and Apple into separate and independent companies in accordance with the precedent of the breakup of oil companies.A Google spokesperson told Benzinga the claims are completely false. \"We don't have any agreement with Apple preventing them from competing in search, and nothing in our search distribution agreement with Apple stops them from developing their own search services or from having promotional agreements with our competitors. Apple features Google Search on Safari because, in their words, it's \"the best.\" We look forward to debunking these meritless claims in court,\" the spokesperson added.Benzinga's emails to Apple seeking clarification on the lawsuit went unanswered.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"GOOG":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1462,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013579319,"gmtCreate":1648766209399,"gmtModify":1676534391891,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U10.SI\">$UOB-KAY HIAN HOLDINGS LIMITED(U10.SI)$</a>best and stable","listText":"<a href=\"https://ttm.financial/S/U10.SI\">$UOB-KAY HIAN HOLDINGS LIMITED(U10.SI)$</a>best and stable","text":"$UOB-KAY HIAN HOLDINGS LIMITED(U10.SI)$best and stable","images":[{"img":"https://community-static.tradeup.com/news/88707a711df4abb546dc925d0be74680","width":"1125","height":"2949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013579319","isVote":1,"tweetType":1,"viewCount":2412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9009858792,"gmtCreate":1640618697918,"gmtModify":1676533529732,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a>When is the best time to buy an APPR stock?Some might argue that now is an all time highand its quite risky to get one.But i feel that long term wise with apple expanding to other industries, there is a brighter future ahead for Apple.&nbsp;","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a>When is the best time to buy an APPR stock?Some might argue that now is an all time highand its quite risky to get one.But i feel that long term wise with apple expanding to other industries, there is a brighter future ahead for Apple.&nbsp;","text":"$Apple(AAPL)$When is the best time to buy an APPR stock?Some might argue that now is an all time highand its quite risky to get one.But i feel that long term wise with apple expanding to other industries, there is a brighter future ahead for Apple.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009858792","isVote":1,"tweetType":1,"viewCount":1879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000759216,"gmtCreate":1640317366017,"gmtModify":1676533516290,"author":{"id":"3586512883755298","authorId":"3586512883755298","name":"takamasa1867","avatar":"https://community-static.tradeup.com/news/7966e527087935c32df9f9191a57174a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586512883755298","authorIdStr":"3586512883755298"},"themes":[],"htmlText":"After the 90 percent plunge of Allakos Inc, it fell all the way up till about 8 USD at its lowest. Recently there were signs that it might rebound. What do you think?","listText":"After the 90 percent plunge of Allakos Inc, it fell all the way up till about 8 USD at its lowest. Recently there were signs that it might rebound. What do you think?","text":"After the 90 percent plunge of Allakos Inc, it fell all the way up till about 8 USD at its lowest. Recently there were signs that it might rebound. What do you think?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000759216","isVote":1,"tweetType":1,"viewCount":1181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}