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Nov. 21, 2023 at 7:59 PM EST
6 months ago
Palantir Slips After Winning U.K. National Health Service Contract
(Dreamstime)
Shares of data analytics company Palantir Technologies fall in midday trade, a blip in what has otherwise been months of sharp share-price gains, after the company won a contract with Britain's National Health Service to build a data platform.
The announcement of the seven-year, $414 million contract had been expected for weeks, with Palantir widely favored despite concerns from citizens, advocacy groups and doctors about obscurity around the contract-award process and the privacy of patient data.
"Palantir is not, and never has been, in the business of collecting, mining or selling data," the company says in a blog post announcing the award.
Other technology and data companies will split the contract revenue.
Palantir shares fall 5.6%, but are still up 215% for the year. The stock kicked into high gear starting in May after the company unveiled its artificial intelligence platform for militaries and corporations.