Palantir Technologies Inc. fell 3% in premarket trading on Tuesday after it raised its annual revenue forecast and beat estimates for quarterly results on Monday, a sign of growing demand for its data analytics software from the U.S. government and commercial clients.
The rising adoption of artificial intelligence tools in modern warfare has boosted demand for software platforms developed by companies such as Palantir that help defense departments analyze data and make real-time targeting decisions.
Pinterest, Inc. forecast second-quarter revenue above analysts' estimates on Monday, betting on steadily growing spending by advertisers, sending the image-sharing platform's shares 17% higher in premarket trading on Tuesday.
The company has been ramping up investments in artificial intelligence, rolling out upgrades to its Performance+ ad suite that automates creative production and delivers more personalized targeting.
The space business is growing. Shares of Firefly Aerospace Inc. rocketed 8% in premarket trading on Tuesday after the space technology company reported better-than-expected first-quarter earnings.
Firefly is still a smaller, growing company. Sales matter more to investors than earnings at this point.
Firefly company reported sales of $80.9 million on Monday evening, up from $55.9 million a year ago. Wall Street was looking for sales of $77.1 million, according to FactSet.
The operating loss was about $96 million. Wall Street was projecting an $87 million loss.
Duolingo, Inc. posted strong first-quarter results but signaled a more measured growth trajectory ahead, as the language-learning app prioritizes user engagement and product improvements over near-term monetization.
Shares of the Pittsburgh-based company slumped 13% in premarket trading on Tuesday.
Fabrinet reported third-quarter results that exceeded Wall Street expectations, yet shares fell 11% in premarket trading on Tuesday as investors focused on fourth-quarter guidance that came in largely in line with estimates.
The optical manufacturing services provider posted adjusted earnings per share of $3.72 for the third quarter ended March 27, beating the analyst consensus of $3.54 by $0.18. Revenue reached $1.21 billion, surpassing the $1.18 billion estimate and marking a 39% increase from $871.8 million in the same quarter last year. The company attributed the strong performance to numerous ongoing and ramping programs, particularly in the datacom market.