Palantir Stock Pops Then Drops As Investors Digest Q1 2024 Report (NYSE:PLTR)

Introduction

In the immediate aftermath of reporting its Q1 2024 earnings, Palantir Technologies Inc. (NYSE:PLTR) popped up by +3.5%, only to reverse sharply lower in a jiffy:

In today’s note, we will briefly review Palantir’s Q1 2024 report and then re-evaluate PLTR’s fair value & expected returns to see if Palantir is an attractive investment right now. Let’s crunch some numbers!

Brief Review Of Palantir’s Q1 2024 Report

Going into its Q1 2024 report, Palantir was projected to deliver revenues and EPS of $617.6M and $0.08 per share, respectively. While Palantir beat top-line expectations and met EPS estimates, investors are seemingly disappointed by the lack of AI-powered hypergrowth!

In Q1 2024, Palantir’s revenue grew by 21% y/y [+4% q/q] to $634M, marking a sequential growth slowdown. After an eye-popping +70% jump in Palantir’s U.S. commercial business last quarter,…