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Palantir stock sinks amid earnings miss, warning of sales slowdown

Palantir shares are moving lower after a disappointing second-quarter earnings report, in which the company stated it expects revenue growth to slow at record levels.

Video transcript

SEANA SMITH: Now, Palantir is the top trending ticker on Yahoo Finance. It's my play today. Shares sinking, as Palantir warns of slowing sales. You can see the stock off just about 13 1/2% and now expects revenue growth to hit its slowest pace since going public. CEO Alex Karp telling analysts on its second quarter earnings call that the government has, quote, "some of the largest contracts, and they have been pushed out right now." Obviously, worrisome sign here for Palantir.

Palantir now expects 2022 revenue to grow 23% from last year. That is below its long term guidance for last 30% annual sales growth. So again, shares moving to the downside today. You see the stock off just about 13%. Year to date, Dave, it's been under a tremendous amount of pressure with shares off nearly 15%. So it's not necessarily losing the contracts, the US government just pushing out the timeline of those.