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Earnings

Palantir drops about 6% premarket despite beat-and-raise quarter as contract growth slows

U.S. commercial revenue overtook government sales for the first time, but total contract value grew just 6%.

· AP's Morning Brief

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Image: Arild Vågen, NYSE Broad Street facade, CC BY-SA 4.0

Palantir Technologies shares were down 6.11% at $167.45 as of 8:09 a.m. ET Tuesday in premarket trading, a drop of $10.89 from Monday's regular-session price of $178.34. The slide came even though the data-analytics company beat third-quarter estimates and raised its full-year outlook on Monday afternoon.

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Revenue rose 96% from a year earlier to $2.313 billion, topping the $2.18 billion LSEG analysts expected, and adjusted earnings were 44 cents a share against 41 cents expected. U.S. commercial revenue jumped 148% to $984 million, passing U.S. government revenue of $953 million for the first time in the company's history.

Palantir guided fourth-quarter revenue of $2.649 billion to $2.653 billion and raised its full-year 2026 range to $8.530 billion to $8.534 billion. It now expects U.S. commercial revenue in excess of $3.559 billion for the year.

The weaker spot was new business. Total contract value, the full value of new deals signed in the quarter, rose 6% to $2.918 billion, and U.S. commercial contract value grew 11% to $1.463 billion. CNBC's premarket roundup and a William Blair note it cited tied the selling to that slowdown in new U.S. business contracts, while other market coverage pointed to worries about the stock's valuation.

Premarket prices can move sharply once regular trading opens at 9:30 a.m. ET, so the 8:09 a.m. figure is a snapshot. Tuesday's session also has the U.S. midterm elections and AMD's after-the-bell report on the calendar.

Sources

  1. Nasdaq.com quote (PLTR) — PLTR premarket $167.45, net change -10.89, -6.11% as of Nov 3, 2026 8:09 AM ET; prior regular-session price $178.34 at 4:00 PM ET Nov 2.
  2. Yahoo Finance (PLTR chart data) — PLTR regular-market price Nov 2, 2026 $178.34; premarket about $167.55 at 8:09 AM ET Nov 3.
  3. Palantir investor relations — Q3 2026 revenue $2.313 billion, +96% y/y; U.S. commercial revenue $984 million, +148%; U.S. government $953 million; TCV $2.918 billion, up 6%; U.S. commercial TCV $1.463 billion, up 11%; adjusted EPS $0.44 (44 cents); Q4 revenue guide $2.649-$2.653 billion; FY 2026 revenue $8.530-$8.534 billion; U.S. commercial in excess of $3.559 billion.
  4. CNBC — Palantir earnings — EPS 44 cents adjusted vs 41 cents expected; revenue $2.31 billion vs $2.18 billion expected (LSEG); U.S. commercial $984 million up 148%, surpassing U.S. government $953 million.
  5. CNBC — premarket movers — Palantir down nearly 8% premarket despite Q3 beat; projecting about $2.65 billion Q4 revenue and $8.53 billion for full-year 2026.
  6. StockTitan market live — Total contract value rose 6% to $2.918 billion; US businesses up 11%; CNBC reported Palantir fell on slowdown in new US business contracts, citing a William Blair note. Regular trading opens 9:30 a.m. ET.
  7. Morningstar / Dow Jones briefing — Palantir slid premarket as investors worried about high valuation and potential AI disruption; midterm elections Tuesday; AMD reports after the bell.