- Palantir Technologies Inc PLTR struck a deal worth US$20 million over five years to expand its partnership with South Korean shipbuilder Hyundai Heavy Industries Group.
- The conglomerate’s shipbuilding companies, including Hyundai Heavy, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard, will use Palantir’s operating system, known as Foundry, to strengthen data-driven decision-making, COO Shyam Sankar said Reuters.
- The deal comes on top of existing agreements with refinery subsidiary Hyundai Oilbank and construction equipment manufacturer Hyundai Doosan Infracore worth over $25 million.
- Palantir actively worked to develop partnerships with the South Korean government and the private sector. It has officially opened an office in Seoul.
- Sankar reckons that five years from now, the U.S. will likely still account for about 60% of Palantir’s sales, but Asia’s share of the remaining 40% will become a significant chunk as the company looks to expand in the region .
- According to the report, Palantir is currently focusing on building its business in Japan, South Korea and Singapore.
- Palantir clocked 26% turnover Q2 FY22 growth to $473 million, beating consensus of $471.3 million.
- EPS loss of $(0.01) missed consensus of $0.03.
- Palantir sees Q3 revenue of $474-$475 million, below consensus of $506.9 million.
- Palantir sees FY22 revenue of $1.900-$1.902 billion, below the consensus of $1.96 billion.
- Price promotion: PLTR shares closed down 3.05% at $7.62 on Tuesday.
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