The share price of Palantirreport that the Pentagon has been ordered to prepare to cut the U.S. defense budget by 8% each year for the next five years.
Palantir is best known for its contracting work providing software and technology services for defense agencies.
The Washington Post on Wednesday said Defense Secretary Pete Hegseth has ordered senior Pentagon leaders and other military brass to develop plans to slash the defense budget over the next half-decade. The budget for the current fiscal year is around $850 billion.
The Post reported that Hegseth ordered the proposed cuts to be drawn up by Monday.
Palantir closed trading Wednesday at $112.06 per share, a drop of 10%.
The company, whose market capitalization tops $255 billion, in early February reported $828 million in revenue in the fourth quarter of 2024, with adjusted earnings of 14 cents per share.
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