Tech Giants Shine in Q2 Earnings as Caterpillar Hits Record Revenue
Several major companies reported their quarterly earnings this week, with mixed results. Palantir Technologies Inc (NYSE:PLTR) and Snap Inc (NYSE:SNAP) both exceeded Wall Street expectations for both earnings and revenue.
Palantir's adjusted earnings per share came in at $0.41, compared to the $0.35 consensus estimate, while revenue rose 93% year over year to $1.935 billion, above expectations of $1.8 billion. Snap Inc also reported strong results, with a net loss of $0.10 per share that was narrower than expected and revenue of $1.60 billion for the second quarter, above the $1.54 billion analyst consensus.
Caterpillar Inc (NYSE:CAT) shares jumped 11% after booming demand for power-generation equipment helped the industrial group deliver record quarterly revenue. The company's sales increased 24% to $20.5 billion in the second quarter, beating the $19.3 billion forecast and marking Caterpillar's first quarter with revenue above $20 billion.