Just days ahead of its second-quarter earnings report, Palantir was trading near record levels. On July 31, the stock reached an all-time intraday high of $160.89. It closed at $154.27 on August 1, weighed down by a broader market slump.

In this photo illustration, a smartphone displays the logo of Palantir Technologies Inc. (NYSE: PLTR), an American big data analytics and software company, in front of a screen showing the company's latest stock market chart on July 30,

Palantir issued guidance for second-quarter revenue of $934 million to $938 million -- the midpoint of that would be a 38% increase from Q2 2024. Its full-year guidance is now in a range from $3.89 billion to $3.902 billion.