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Palantir, Hyundai Consolidate Partnership Expanding Into Shipbuilding

  • Palantir Technologies Inc PLTR forged a deal worth $20 million over five years to expand its partnership with South Korea’s shipbuilding conglomerate Hyundai Heavy Industries Group.
  • The conglomerate’s shipbuilding affiliates, 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 told Reuters.
  • The deal is in addition to existing agreements with the conglomerate’s refinery affiliate Hyundai Oilbank and construction machinery maker Hyundai Doosan Infracore worth over $25 million.
  • Palantir actively worked to extend partnerships with South Korea’s government and private sectors. It has formally opened an office in Seoul.
  • In five years, Sankar sees the U.S. will likely still take up about 60% of Palantir’s sales, but Asia’s portion in the remaining 40% will grow to be a significant part as the firm seeks to expand in the region. 
  • The report added Palantir is currently focused on building its business in Japan, South Korea, and Singapore.
  • Palantir clocked 26% revenue growth in second-quarter FY22 to $473 million, beating the consensus of $471.3 million.
  • EPS loss of $(0.01) missed the consensus of $0.03. 
  • Palantir sees Q3 revenue of $474 million – $475 million, below the consensus of $506.9 million. 
  • Palantir sees FY22 revenue of $1.900 billion – $1.902 billion, below the consensus of $1.96 billion.
  • Price Action: PLTR shares closed lower by 3.05% at $7.62 on Tuesday.

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