Palantir Technologies Inc. (NASDAQ:PLTR) reported unrealized gains from its investment in Space Exploration Technologies Corp. (NASDAQ:SPCX), boosting its second-quarter earnings, making it the latest major technology company to benefit from the Elon Musk-led company’s blockbuster public debut.
SpaceX Stake Added to Quarterly Earnings
During the company’s second-quarter earnings call on Monday, CFO David Glazer said unrealized gains from the company’s SpaceX investment contributed $0.03 to GAAP earnings per share and $0.02 to adjusted earnings per share.
The company posted GAAP and adjusted earnings of 41 cents for the quarter.
The disclosure comes days after Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) also reported that gains from its investment portfolio, including its longtime SpaceX stake, helped drive the largest quarterly profit in the company’s history.
SpaceX IPO Created Windfall For Early Investors
SpaceX went public in June in the largest IPO on record, debuting at a valuation of roughly $1.75 trillion before rallying 65% to an all-time high in the weeks that followed.
The stock has since retreated from those post-listing highs and traded below its IPO price during July, but the listing still generated sizable unrealized gains for early investors such as Palantir and Alphabet during the quarter that ended in June.
Alphabet reported a roughly $98 billion net investment gain in the second quarter, driven largely by appreciation in its equity holdings, including SpaceX.
SpaceX will report its first earnings since its IPO on Tuesday after the bell.
Palantir Delivers Blowout Quarter
Palantir posted second-quarter revenue of $1.94 billion, topping analyst estimates of $1.80 billion, while adjusted earnings of 41 cents per share beat consensus expectations of 35 cents, according to Benzinga Pro.
Looking ahead, Palantir forecast third-quarter revenue of $2.16 billion to $2.164 billion, above analyst expectations of $1.997 billion, and raised its full-year revenue guidance from $7.65 billion to $7.66 billion to $8.15 billion to $8.16 billion, compared to estimates of $7.69 billion.
Price Action: The stock closed 2.10% higher at $125.65 on Monday, while it gained 14.97% to $144.45 in extended trading on the earnings report, which came in after the bell.
Benzinga edge rankings indicate PLTR has a Momentum score in the 10th percentile and a Growth score in the 98th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Samuel Boivin / Shutterstock
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