Q2 earnings data analysis: Palantir (NYSE:PLTR) impresses

Let’s dig into the relative performance of Palantir (NYSE:PLTR) and its peers as we reveal the earnings season from our completed Q2 data analysis.

Organizations generate a lot of data that is stored in silos, often in incompatible formats, making extracting useful information slow and expensive, which in turn drives the demand for modern cloud-based data analytics platforms , which can effectively analyze isolated data.

The 5 data analytics stocks we track reported a satisfactory Q2. As a group, revenue beat analysts’ consensus estimates by 2.6%, while revenue guidance for the next quarter was in line.

Inflation has recently moved toward the Fed’s 2% target, prompting the Fed to cut its policy rate by 50bps (half a percentage point, or 0.5%) in September 2024. This is the first cut in four years. While CPI (inflation) readings have been supportive of late, measures of employment have edged closer to worrisome. Markets will debate whether the timing of this rate cut (and potential more in 2024 and 2025) is ideal for supporting the economy or a little too late for a macro economy that has already cooled too much.

Fortunately, data analytics stocks have performed well, with share prices up an average of 23.3% since last earnings results.

Best Q2: Palantir (NYSE:PLTR)

Started by Peter Thiel after watching U.S. defense agencies struggle in the wake of terrorist attacks in 2001, Palantir (NYSE:PLTR) provides a software-as-a-service platform that helps government agencies and large enterprises use data to make better decisions.

Palantir reported revenue of $678.1 million, up 27.2% from the prior year. This print beat analysts’ expectations by 3.9%. Overall, it was a very strong quarter for the company, with an impressive beat on analyst billing estimates and upbeat revenue guidance for the next quarter.

Palantir achieved the largest beat of analysts’ estimates and the largest full-year guidance increase of the entire group. Unsurprisingly, the stock is up 52.8% since the report and is currently trading at $36.81.

Read why we think Palantir is one of the best data analytics stocks, our full report is free.

Samsara (NYSE:IOT)

One of the few public companies where Marc Andreessen is a board member, Samsara (NYSE:IOT) provides software and hardware for tracking industrial equipment, assets and fleets.

Samsara reported revenue of $300.2 million, up 36.9% from a year earlier, beating analysts’ expectations by 3.7%. The business had a strong quarter, with an impressive beat on analysts’ billing estimates and a decent beat on analysts’ ARR (annual recurring revenue) estimates.

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Samsara has seen the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 21.2% since the report. It is currently trading at $47.00.

Now is the time to buy Samsara? Access our full earnings results analysis here, it’s free.

Slowest Q2: Health Catalyst (NASDAQ:HCAT)

Founded by healthcare professionals Tom Burton and Steve Barlow in 2008, Health Catalyst (NASDAQ:HCAT) provides data and analytics technology to healthcare organizations, enabling them to improve care and lower costs.

Health Catalyst reported revenue of $75.9 million, up 3.7% from a year earlier, beating analysts’ expectations by 1.2%. However, it was a slower quarter as it saw a decline in its gross margin.

Health Catalyst delivered the weakest performance against analysts’ estimates and the weakest full-year guidance update in the group. Interestingly, the stock is up 46.2% since the results and is currently trading at $8.04.

Read our full analysis of the Health Catalyst results here.

Amplitude (NASDAQ:AMPL)

Born out of a failed voice recognition startup by founder Spenser Skates, Amplitude (NASDAQ:AMPL) is data analytics software that helps companies improve and optimize their digital products.

Amplitude reported revenue of $73.3 million, up 8.2% from the prior year. This print beat analysts’ expectations by 1.8%. It was a strong quarter as it also saw an impressive beat on analyst billing estimates and a decent beat on analyst ARR (annual recurring revenue) estimates.

The company added 254 customers to reach a total of 3,224. The stock is up 8.9% since the report and is currently trading at $8.68.

Read our full and actionable report on Amplitude here, it’s free.

Domo (NASDAQ:DOMO)

Founded by Josh James after he sold his former Omniture business to Adobe, Domo (NASDAQ:DOMO) provides business intelligence software that enables managers to access and visualize critical business metrics in real-time using their smartphones.

Domo reported revenue of $78.41 million, down 1.6% from the prior year. This print beat analysts’ expectations by 2.4%. Other than that, it was a slower quarter as it missed analysts’ billing estimates.

Domo had the slowest revenue growth among its peers. The stock is down 7.3% since the report and is currently trading at $7.15.

Read our full and practical Domo report here, it’s free.

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