Earnings Recap – November 9th 💰

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Earnings Recap – November 9

Palantir

Palantir reported third-quarter earnings Tuesday that beat analyst expectations on revenue and met earnings estimates.

Palantir shares dipped 2% in the premarket even after the software and data analytics company’s third-quarter revenue beat the Wall Street forecast. The company reported revenue of $392 million versus $385 million expected, according to Refinitiv. Palantir’s $0.04 earnings per share were in line with estimates.

Palantir recently released new software for the digital cryptocurrency market. “We are super excited about Foundry (software) for crypto,” said Chief Operating Officer Shyam Sankar on the earnings call with analysts. “We think we’re going to be a massive accelerator for crypto companies.”

He added: “We’re going to give them credible AML (anti-money laundering)  platforms to enable them to go toe-to-toe and beyond with the legacy players. We’re going to deliver (regulatory) compliance so they can focus on disruption. And of course, they are welcome to pay us in crypto.”

For the current quarter ending in December, Palantir forecast revenue of $$418 million. Analysts polled by FactSet had projected fourth-quarter revenue of $402 million.

Shares of Palantir closed down 9.35% at $24.25.

Unity Software

Video game design and animation software maker, Unity Software, late Tuesday crushed Wall Street’s sales target for the third quarter and reported a smaller loss than expected.

The San Francisco-based company today announced third quarter 2021 revenue of $286.3 million which surpasses analysts’ expectations by 7.59%. Additionally, which is up 43% from the same period in 2020 and ahead of guidance. The company also reported a quarterly loss of $0.06 per share in line with the Zacks Consensus Estimate.

Additionally, Unity announced today it has entered into a definitive agreement to acquire Weta Digital, specifically its award-winning engineering talent and artist pipeline, tools, and technology.

“Unity’s strong performance this quarter was driven by innovation in data science, vertical growth, and making significant strides in bringing RT3D technologies and tools to as many creators and artists as possible,” said John Riccitiello, President, and Chief Executive Officer, Unity.

And today we are proud to announce our intentions to acquire Weta Digital as we aim to bring their dozens of tools and assets to creators around the world. This sends a powerful message: all types of creators and digital artists can turn to Unity to create rich, interactive content and build experiences regardless of industry.”

For Q4, Unity Software is guiding revenue to be between $285 million and $290 million. For the full year, it’s raising expectations as revenues forecast between $1.08 billion and $1.085 billion.

Unity Software Inc. Shares have added about 6.3% since the beginning of the year.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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