Big Data firm Palantir Technologies has posted its slowest quarter for growth since its IPO in 2020, with the company's CEO attributing this to slow growth in Europe.

The company, whose tech is used by the CIA to tackle everything from financial crimes to human trafficking, saw revenues grow by 22 per cent to $477.9 million. The company’s government contracts segment however declined by 3 per cent to $204 million, with Palantir increasingly attempting to court business from commercial buyers as a more stable flow of income.

The results saw Palantir’s share price tumble by 8.5 per cent on Monday, with CEO Alexander Karp telling analysts on a call that “we are going to see negative impacts because of the strong dollar... because of sluggishness to adopt new technologies in Europe.”

In his letter to shareholders, Karp added: “Many of the largest companies in the world are looking to their American peers for guidance, implicit or otherwise, regarding which software systems should stand at the centre of their organisations.

“It has been our experience, however, that some countries, particularly in continental Europe, including Germany, have fallen behind the United States in their willingness and ability to implement enterprise software systems that challenge existing habits and modes of operation.”

Adjusted earnings per share also missed market expectations.

Palantir had been expected to benefit from the war in Ukraine, but the company’s finance boss David Glazer said that the timing of new government contracts is unclear.
The company said that it expects fourth quarter revenues to be at between $508-510 million, while analysts expect revenues of $502.7 million.

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