Highlights for this morning: Palantir hits the market, Figma collapses, Firefly aims for $6 billion

Palantir reported record quarterly revenue, marking the first time in the company's history that the figure crossed the $1 billion mark. Figma lost a quarter of its value in a day after the stock surged after its IPO. Firefly Aerospace raised the price range of its IPO, aiming for a valuation above $6 billion, amid growing interest in space technology. These and other topics - in our review of key events by the morning of August 5.

AI-based software provider Palantir has crossed the $1 billion quarterly revenue mark for the first time in its history, reports CNBC. It was up 48% on a year-over-year basis. Analysts had expected revenue of $940 million and didn't expect $1 billion until the fourth quarter. Earnings per share came in at 16 cents versus expectations of 14 cents.

"We plan to grow revenue by ... reducing headcount," CEO Alex Karp told CNBC. - It's an insanely efficient revolution. The goal is to reach ten times revenue with 3,600 employees. Right now we have 4,100."  

The company also improved its full-year outlook, with revenue now expected to be in the range of $4.14-4.15 billion, up from the previous guidance of $3.89-3.90 billion. Operating income and free cash flow estimates were also raised.

Figma's shares fell 27% on Aug. 4 - after the rapid rise the company's stock price showed after going public last week, wrote CNBC. Its securities fell to $88.6 by the end of trading on Monday, down from $122 on Friday.

Figma and its major shareholders sold about 37 million shares at $33 on Wednesday night, generating about $412 million in proceeds, some of which went to the company itself. The securities more than tripled in price on Thursday, the day they debuted on the New York Stock Exchange. Such a start speaks to Wall Street's renewed interest in fast-growing technology companies, despite historically weak IPO activity in recent years, CNBC noted.

In its updated prospectus, Figma said it expects revenue in the second quarter to grow 40% year-on-year. Unlike many tech companies that have gone public in recent years, it has regularly posted profits.

The company's fully diluted valuation now stands at about $56 billion - nearly triple the amount Adobe offered it as part of the 2022 deal. Then the deal failed due to objections from EU and UK regulators, and the parties officially canceled the merger at the end of 2023.

Donald Trump said he will raise duties on Indian goods because of his continued purchases of Russian oil, reports CNN.  "India not only buys huge amounts of Russian oil, but resells a significant portion on the open market at a large profit," he wrote on his Truth Social platform. - Because of this, I will substantially increase the duties India pays to the US."

India responded by accusing the US and EU of unfair pressure as they also continue to trade with Russia. The country said buying oil from there is a forced measure as traditional supplies were diverted to Europe after the outbreak of conflict in Ukraine and imports from Russia  "allows for predictable and affordable prices".

Firefly Aerospace has increased its price range for its upcoming IPO, which could raise its valuation above $6 billion, reports Reuters. In a statement filed on Monday, the company said it now plans to sell shares at a price range of $41 to $43. That would raise up to $697 million. Previously, Firefly was looking at a range of $35 to $39 and a valuation of about $5.5 billion.

The company announced its listing last month amid growing interest in space technology and strong fundraising by players such as Ilon Musk's SpaceX.

Firefly manufactures rockets, space tugs and lunar modules, and is best known for its Alpha rockets designed to launch satellites. It works with major defense contractors, including Lockheed Martin, L3Harris and NASA, and has received a $50 million investment from Northrop Grumman.

Firefly said its revenue grew from $8.3 million to $55.9 million for the year, but its net loss also increased, from $52.8 million to $60.1 million.

- Japan's broad Topix index rose 0.7 percent, while the Nikkei 225 added 0.6 percent.

- In South Korea, the Kospi index jumped 1.4 percent and the Kosdaq small-company index gained 1.7 percent. 

- Australia's S&P/ASX 200 rose 1.1 percent.

- Futures on the S&P 500 and Dow Jones were up about 0.2 percent, while contracts on the Nasdaq 100 added 0.3 percent.

This article was AI-translated and verified by a human editor