Palantir stock down 40% ahead of Q2 earnings

Palantir stock has fallen over 40% from its November peak.

Q2 earnings, due Monday, are projected to show a 143% jump in net income and an 80% rise in revenue.

Free cash flow is expected to double to about $1 billion, according to Bloomberg.

Shares trade at around 67 times expected earnings, down from 247 times on October 31.

CEO Luke Rahbari of Equity Armor Investments says Palantir needs an exceptional quarter to stabilize the stock.