Palantir Technologies Inc (NYSE:PLTR) CEO Alexander Karp said at the company's third-quarter earnings call that the Peter Thiel-founded firm has been forecasting an even more challenging macro environment than the one prevailing for the last two decades.
Why It Matters: Karp said, "We’ve been predicting an even more challenging macro environment than this for the last 20 years." He said Palantir's products are built for a "disjointed world."
The CEO compared the company's products with prepping — the practice of preparing for a possible catastrophic disaster — and its tools at the earnings call.
"We’re a prepper company. We’ve been preparing it’s like — [preppers] have their rucksack and a rifle. We have [Palantir Gotham], GAIA, Foundry, and $2.4 billion in the bank and no debt. That’s our company,” he said.
Why It Matters: Karp said Palantir was prepared by stressing its eight quarters of free cash flow and no debt.
In what appeared to be a slightly-veiled dig at the Metaverse, which is described often as a mix of virtual and augmented realities, Karp said, "We weren’t living in the metasphere. We were living in this world in the way we thought it would be — and we’ve been, essentially."
On Monday, Palantir reported third-quarter earnings per share of 1 cent, which missed the Street consensus of 2 cents, according to data from Benzinga.
Price Action: Palantir shares fell 11.5% in the after-hours session to $7.02 on Thursday after closing 0.85% higher at $7.08 in the regular session, according to data from Benzinga Pro.
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