Palantir Technologies (NYSE:PLTR) shares fell sharply on Thursday after the data analytics software company posted fourth-quarter results that were mixed, with earnings falling short of Wall Street's expectations.
The Alex Karp-led company earned 2 cents per share on $432.8 million in revenue, whereas Wall Street analysts were expecting 4 cents per share on $418.07 million in revenue.
During the quarter, Palantir said it signed 34 net new customers and closed 64 deals worth $1 million or more, including 19 worth more than $10 million.
Palantir fell more than 13% in mid-day trading to $12.10, nearing its 52-week low of $11.75. Over the past six months, shares of Palantir have shed more than 40% of their value, amid a correction in high-growth technology stocks.
For the first quarter, Palantir said it expects to generate $443 million, compared to expectations of $439.6 million, with adjusted operating margin of 27%.
In a statement, Karp said that annual revenue growth should be 30% or more through 2025.
Earlier this month, Palantir co-founder and chairman Peter Thiel said he would step down from the Meta Platforms (NASDAQ:FB) board to focus more on politics.