Premarket Movers | Palantir Drops 3%; Fabrinet down 11%; Duolingo Sinks 13%; Pinterest Soars 17%; Firefly Aerospace Pops 8%

Palantir Technologies Inc. fell 3% in premarket trading on Tuesday after it raised ‌its annual revenue forecast and beat estimates for quarterly results on Monday, a sign of growing demand for its data analytics software from the U.S. government and commercial clients.

The rising adoption of artificial intelligence tools in ​modern warfare has boosted demand for software platforms developed by companies such as ​Palantir that help defense departments analyze data and make real-time targeting decisions.

Pinterest, Inc. forecast second-quarter revenue above analysts' estimates ​on Monday, betting on steadily growing spending by advertisers, sending the image-sharing ‌platform's shares 17% higher in premarket trading on Tuesday.

The company has been ramping up investments in artificial intelligence, rolling out upgrades to its Performance+ ad suite that automates creative production and delivers more ​personalized targeting.

The space business is growing. Shares of Firefly Aerospace Inc. rocketed 8% in premarket trading on Tuesday after the space technology company reported better-than-expected first-quarter earnings.

Firefly is still a smaller, growing company. Sales matter more to investors than earnings at this point.

Firefly company reported sales of $80.9 million on Monday evening, up from $55.9 million a year ago. Wall Street was looking for sales of $77.1 million, according to FactSet.

The operating loss was about $96 million. Wall Street was projecting an $87 million loss.

Duolingo, Inc. posted strong first-quarter results ‌but signaled a more measured growth trajectory ahead, as the language-learning app prioritizes user engagement and product improvements over near-term monetization.

Shares of the Pittsburgh-based company slumped 13% in premarket trading on Tuesday.

Fabrinet reported third-quarter results that exceeded Wall Street expectations, yet shares fell 11% in premarket trading on Tuesday as investors focused on fourth-quarter guidance that came in largely in line with estimates.

The optical manufacturing services provider posted adjusted earnings per share of $3.72 for the third quarter ended March 27, beating the analyst consensus of $3.54 by $0.18. Revenue reached $1.21 billion, surpassing the $1.18 billion estimate and marking a 39% increase from $871.8 million in the same quarter last year. The company attributed the strong performance to numerous ongoing and ramping programs, particularly in the datacom market.