Benzinga | Nov 9, 2021 12:06PM EST

Why Palantir Shares Are Falling

Palantir Technologies Inc (NYSE:PLTR) shares are trading lower after the company reported third-quarter earnings results.

Palantir reported quarterly earnings of 4 cents per share which met the analyst consensus estimate. Palantir also reported quarterly sales of $392.00 million which beat the analyst consensus estimate of $385.02 million by 1.8%. This is a 35% increase over sales of $289.37 million in the same period last year.

Among the highlights in the third-quarter, Palantir says the company closed 54 deals of $1 million or more, of which 33 deals came in at $5 million or more and 18 deals at $10 million or more.

Palantir Technologies provides organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes.

Palantir has a 52-week high of $45.00 and a 52-week low of $13.18.