Palantir Technologies Inc. reported a loss for the fourth quarter, and the data-mining company signaled Tuesday that sales could grow at a slower pace.
The shares of Palantir closed 13% lower at $27.84 following the quarterly update.
Revenue at the Denver-based company increased 40% to $322.1 million in the latest quarter, and its loss narrowed to $148.3 million, or 8 cents a share.
Executives said they expect Palantir to generate revenue growth of more than 30% annually over the next five years. By comparison, sales gained 47% in 2020 over 2019.
The company isn’t “focused on the day-to-day, quarter-to-quarter, near-term focus that, quite frankly, destroys businesses. It’s one of the main reasons why so many of our businesses, especially in tech, are actually only serving Wall Street and not serving their clients,” Chief Executive Alexander Karp said.