government and strong commercial growth underlines the value Palantir's platform creates. The company's long relationship with the U.S. The stock's price-to-sales ratio (P/S) was more than 40 last year but has fallen to just 9. This bear market has hammered Palantir's valuation. commercial revenue grew 120% year over year in the second quarter of this year. Palantir must grow its private sector business, and it's doing that - U.S.
This close relationship also makes Palantir reliant on the government, which accounted for 57% of revenue over the first six months of 2022. It works with various departments, announcing new contracts from the Army and Department of Homeland Security totaling over $200 million just in the past couple of months. Palantir's relationship with the government remains strong today. For example, Palantir helped determine which areas needed the most assistance during Hurricane Sandy in 2012 using GPS data, photos, damage reports, and census/demographics records.
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Palantir makes custom software solutions for its customers using its proprietary platforms: Gotham specializes in government applications, and Foundry in commercial projects. Justin Pope (Palantir Technologies): Almost everything you do in life today creates a digital record, and understanding and leveraging this data better than others can drive success in both public and private organizations. Despite these steep declines, each stock could make a strong comeback and reward long-term investors. Growth stocks are again taking it on the chin, including Palantir Technologies ( PLTR -4.97%), Zscaler ( ZS -8.18%), and Spotify Technology ( SPOT -6.45%), down 75%, 58%, and 74% from their respective highs.
Sound familiar? Just over two decades later, the stock market is again in a tumultuous spot. Today, Amazon is one of the world's largest companies, which means that 2000 was a wonderful time to buy shares. But Amazon's business was growing despite the disappointing investment returns. Jeff Bezos, the founder of Amazon, started his 2000 shareholder letter with the word "ouch." The company's stock had fallen more than 80% in the past year, a tough time for shareholders when the dot-com bubble had burst, and Wall Street was selling everything out of fear.
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