Data Analytics Stocks Q2 In Review: Palantir (NYSE:PLTR) Vs Peers
Earnings results often give us a good indication of what direction the company will take in the months ahead. With Q2 now behind us, let’s have a look at Palantir (NYSE:PLTR) and its peers.
Organizations generate a lot of data that is stored in silos, often in incompatible formats, making it slow and costly to extract actionable insights, which in turn drives demand for modern cloud-based data analysis platforms that can efficiently analyze the silo-ed data.
The 5 data analytics stocks we track reported a weaker Q2; on average, revenues beat analyst consensus estimates by 1.27%, while on average next quarter revenue guidance was 2.11% under consensus. There has been a stampede out of high valuation technology stocks as raising interest rates encourage investors to value profits over growth again and data analytics stocks have not been spared, with share prices down 15.6% since the previous earnings results, on average.
Started by Peter Thiel after seeing US defence agencies struggle in the aftermath of the 2001 terrorist attacks, Palantir (NYSE:PLTR) offers software as a service platform that helps government agencies and large enterprises use data to make better decisions.
Palantir reported revenues of $533.3 million, up 12.7% year on year, in line with analyst expectations. It was a mixed quarter for the company, with underwhelming revenue guidance for the next quarter. On the other hand, the company raised full year guidance for both revenue and adjusted operating income.
Palantir delivered the weakest performance against analyst estimates of the whole group. The stock is down 15.7% since the results and currently trades at $15.16.
Is now the time to buy Palantir? Access our full analysis of the earnings results here, it's free.
Best Q2: Amplitude (NASDAQ:AMPL)
Born out of a failed voice recognition startup by founder Spenser Skates, Amplitude (NASDAQ:AMPL) is data analytics software helping companies improve and optimize their digital products.
Amplitude reported revenues of $67.8 million, up 16.6% year on year, beating analyst expectations by 1.31%. It was a solid quarter for the company, with a significant improvement in its gross margin and optimistic revenue guidance for the next quarter.
Amplitude scored the fastest revenue growth and highest full year guidance raise among its peers. The company added 169 customers to a total of 2,344. The stock is up 7.97% since the results and currently trades at $11.52.
Is now the time to buy Amplitude? Access our full analysis of the earnings results here, it's free.
Weakest Q2: Domo (NASDAQ:DOMO)
Founded by Josh James after selling his former business Omniture to Adobe, Domo (NASDAQ:DOMO) provides business intelligence software that allows managers to access and visualize critical business metrics in real-time, using their smartphones.
Domo reported revenues of $79.7 million, up 5.48% year on year, in line with analyst expectations. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations.
The stock is down 43% since the results and currently trades at $9.71.
Initially created as a way to organise census data for the government, Alteryx (NYSE:AYX) provides software that helps companies automate and analyse their internal data processes.
Alteryx reported revenues of $188 million, up 4.08% year on year, beating analyst expectations by 3.34%. It was a weak quarter for the company, with ARR, revenue, and non-GAAP operating income guidance for the next quarter all missing expectations.
Alteryx achieved the strongest analyst estimates beat but had the weakest full year guidance update among the peers. The stock is down 4.41% since the results and currently trades at $35.95.
Health Catalyst (NASDAQ:HCAT)
Founded by healthcare professionals Tom Burton and Steve Barlow in 2008, Health Catalyst (NASDAQ:HCAT) provides data and analytics technology to healthcare organizations, enabling them to improve care and lower costs.
Health Catalyst reported revenues of $73.2 million, up 3.65% year on year, in line with analyst expectations. It was a weak quarter for the company, with a decline in its gross margin and underwhelming revenue guidance for the next quarter.
Health Catalyst had the slowest revenue growth among the peers. The stock is down 22.8% since the results and currently trades at $10.
The author has no position in any of the stocks mentioned