[rank_math_breadcrumb]

Politics

Palantir Stock Pops as Earnings Blow Past Expectations

Updated: 04-11-2024, 11.29 PM

Palantir Technologies (PLTR) delivered third-quarter earnings that came in well ahead of analysts’ expectations, sending shares higher in extended trading Monday.

The analytics software provider reported revenue of $725.52 million, up 30% year-over-year and above expectations from analysts polled by Visible Alpha. Net income at $143.53 million or 6 cents per share compared to $71.51 million or 3 cents per share a year earlier, beating projections.

The company’s U.S. commercial revenue grew 54% to $179 million. Palantir CEO Alexander C. Karp said the strong results were “driven by unrelenting AI demand.”

The company said it anticipates fourth-quarter revenue of $767 million to $771 million, and raised its full-year forecast to revenue of between $2.805 billion and $2.809 billion, up from $2.742 billion to $2.75 billion previously.

Shares of Palantir jumped over 11% in extended trading following the release. They were up 141% for the year through Monday’s close.

Leave a Comment

News Plus

The "Aik News" platform provides the latest news about politics, business, sports, entertainment, and gadgets. We always strive to provide you with the latest information, so please subscribe to our newsletter.

Design by proseoblogger