Why Palantir Plunged 25.2% in August
Shares of big data software company Palantir (NYSE: PLTR) fell 25.2% in August, according to data from S&P Global Market Intelligence .
Not only did high-growth tech stocks sell off later in the month following Federal Reserve Chair Jay Powell's speech at Jackson Hole, but Palantir also reported earnings. While the prior quarter's numbers were basically in line with expectations, softer-than-expected guidance sent shares sharply lower.
In its outlook for its fiscal third quarter, Palantir guided for $474 million to $475 million in revenue, well below analysts' expectations of $505.6 million, as well as full-year revenue that also came in lighter than expected.
Source Fool.com
