Palantir shares drop in Europe despite earnings beat

Frankfurt-listed shares of the so-called "Magnificent Seven" - Meta, Tesla, Alphabet, Amazon, Nvidia, Apple and Microsoft - fell between 0.9% and 2.6%.

Palantir Technologies fell almost 6% in early Frankfurt trading on Tuesday, as another strong quarterly update from the U.S. tech group failed to extend its record-breaking rally.

The company, which has more than doubled in value this year, forecast fourth-quarter revenue above analyst estimates on Monday, driven by rapid adoption of artificial intelligence that is boosting demand for its data analytics services.

By 0705 GMT, the stock was down 5.8%. Other Big Tech names were also weaker, with Nasdaq futures pointing to a sharply lower start, down 1.3%.

Frankfurt-listed shares of the so-called "Magnificent Seven" - Meta, Tesla, Alphabet, Amazon, Nvidia, Apple and Microsoft - fell between 0.9% and 2.6%.