Big data decacorn Palantir ($PRIVATE:PALANTIR) is stepping up to help global governments slow down (and track) the COVID-19 spread - but it may not be growing as much as it was prior to the pandemic's outbreak.
Job postings have fallen by 71% since the new year. A slowdown in hiring was once considered a sign of a potential IPO lead-up — something Palantir has been hinting at in recent years — but is now more than likely a cautionary measure as the economy hurtles closer to the likelihood of a recession. Growing tech companies' hiring has been hit hard by the ongoing pandemic — Since March 11, startups have laid off almost 30,000 people.
But Palantir shouldn't be hurting for money: the controversial data-mining company, backed by Peter Thiel, was recently awarded a contract to help the department of Health and Human Services track the spread of Covid-19, according to The Daily Beast.
Job postings may be down, but it doesn't appear that Palantir has made any cuts yet. Their Linkedin Headcount remains steady, hovering around the same 2,500 plateau it’s been at since the end of 2019 - and has increased a little bit in 2020.
If anything, Palantir’s headcount and hiring data tell the story of a company that is comfortably standing its ground, likely thanks to its recent deal with the HHS or its share of an $823 million defense contract it won earlier this year.
Despite not being a consumer-facing company, Palantir’s online presence continues to increase ever so slowly, and is likely to keep on that path as the company takes steps towards an IPO in the next few years. Through government contracts, Palantir has found a way to make themselves essential enough to outlast Covid-19. Above, we track Palantir's Facebook following - which includes a little uptick in recent weeks. If Palantir is keeping an eye on more people, maybe more people should start following Palantir.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales, and app ratings - and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.