Why Palantir Stock Plummeted 11% Monday Morning

What happened

Shares of defense contractor and intelligence software specialist Palantir Technologies (PLTR -12.61%) are tumbling today, down by 11.2% as of 11:10 a.m. ET, after the company reported mixed earnings results this morning.

Sales for Palantir's Q3 2022 came in ahead of estimates at $478 million (Wall Street only expected $470.3 million), but earnings missed by the proverbial penny. Instead of the Street's hoped-for $0.02 per share, Palantir earned only $0.01 per share -- and even that was on an adjusted basis.

So what

When calculated according to generally accepted accounting principles (GAAP), you see, Palantir's losses actually amounted to $0.06 per share, and widened versus the year-ago period. Yet despite the loss, not all the news was bad.