Shares down 12% in premarket trade (Il Sole 24 Ore Radiocor) - New York, 07 May - Shares in Palantir Technologies slumped in premarket trading after the US data analytics software company provided an outlook that failed to enthuse despite beating quarterly estimates.

The company tweaked up its annual sales forecast to 2.68-2.69 billion dollars, which compares to a market consensus of 2.68 billion.

Palantir shares have grown more than 200% over the last 12 months on the back of new products, boosted by AI frenzy.

In the first quarter, Palantir revenue grew 21% from the same period last year to 634.34 million dollars.

Net income in the quarter rose 17% to 105.53 million dollars, or 0.04 cents per share.

At 1243 GMT Palantir shares were down 12%.

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(RADIOCOR) 07-05-24 14:56:21 (0554) 5 NNNN