Stocks

Palantir (PLTR) stock reverses course as tech stocks plummet

Palantir (PLTR) announced positive earnings and accepts bitcoin (BTC) as additional currencies which may be held on the company’s balance sheet along with other cryptocurrencies like XRP, ETH, DOGE and more.

 The company reported first-quarter adjusted earnings that met expectations while revenue growth came in above Wall Street targets. Palantir stock reversed up in morning trading on Tuesday as the tech-heavy Nasdaq composite retreated.

Denver-based Palantir earnings for the March quarter were 4 cents per adjusted share. Revenue jumped 49% to $341.2 million, the maker of data mining software said.

Analysts estimated Palantir earnings of 4 cents a share on revenue of $332.2 million for the quarter that ended March 31.

Palantir rose 2% to 18.83 in morning trades on the stock market today. The stock had dropped more than 7% to 17.06 after the company released earnings. Shares in Palantir fell 6.5% on Monday to their lowest point since late November.

Palantir stock has swooned in 2021 amid a broad decline in software growth stocks.