3 Cloud Software Leaders Set to Report Explosive Earnings in August

investing.com:

We're halfway into Wall Street’s second-quarter earnings season, with results pouring in from about 275 S&P 500 companies so far.

While most of the focus is on the mega-cap group of tech stocks, a variety of cloud-computing software companies, which have regained their footing in 2023 following a sector-wide selloff last year, are still due to post their respective results.

So, here are three fast-growing cloud leaders to consider ahead of their quarterly reports in the days and weeks ahead. All three names are set to enjoy robust earnings and revenue growth thanks to surging demand for their innovative products and services.

Palantir Technologies (NYSE:PLTR) is scheduled to deliver its second-quarter earnings and revenue update after the U.S. market closes on Monday, August 7, and results are expected to get a boost from soaring demand for its new artificial intelligence platform.

The data analytics software maker’s generative AI platform — which it calls AIP — allows commercial and government sectors to use large language models based on their own private data sets.

Analysts have become increasingly bullish ahead of the print, according to an InvestingPro survey: of the six analysts surveyed, five upwardly revised their earnings forecast in the last 90 days, while only one made a downward revision.

Consensus estimates call for Palantir to report a Q2 profit of $0.05 per share, compared to a loss of $0.01 in the same quarter a year earlier, as the enterprise software company reaps the benefits of ongoing cost-cutting measures. In February, it said it would cut 2% of its workforce.

Revenue is forecast to increase 13% from the year-ago period to $534.3 billion, which, if confirmed, would mark the highest quarterly sales