Palantir cuts revenue forecast, says govt contracts timing 'uncertain'

Palantir was co-founded by billionaire entrepreneur Peter Thiel in 2003 to help with US counter-terrorism operations, but has since diversified to commercial business

Palantir Technologies Inc lowered its annual revenue forecast to below market estimates after the data analytics software company reported a surprise quarterly loss on Monday, sending its shares down 15%.

The company had to temper its revenue forecast as the timing of some government contracts remained uncertain, Chief Executive Alexander Karp said, calling the uncertainty "frustrating." The large size of the government awards and the long-drawn procurement procedure make the contracts so unpredictable, Chief Financial Officer David Glazer said. Meanwhile, the company also forecast third-quarter revenue below Street estimates.

Palantir was co-founded by billionaire entrepreneur Peter Thiel in 2003 to help with