Palantir revenue beats expectations, up 20% from the year-ago quarter

Palantir co-founder and CEO Alex Karp arrives for a US Senate bipartisan Artificial Intelligence (AI) Insight Forum at the US Capitol in Washington, DC, on September 13, 2023. 

Stefani Reynolds | AFP | Getty Images

Palantir reported fourth-quarter earnings after the bell on Monday that beat analysts’ expectations for revenue. The firm’s full-year steerage for 2024 got here roughly according to Wall Street’s estimates.

Here’s how the firm did:

  • Earnings per share: 8 cents, adjusted, vs. 8 cents anticipated by LSEG, previously referred to as Refinitiv
  • Revenue: $608.4 million vs. $602.4 million anticipated by LSEG

Palantir’s revenue for the fourth quarter ended Dec. 31 elevated 20% year-over-year to $608.4 million, up from $508.6 million a 12 months earlier. The firm reported a web revenue of $93.4 million, or 4 cents per share, in contrast with $30.9 million, or 1 cent per share, in the year-ago quarter.

Shares moved up about 4% in after-hours buying and selling.

In a letter to shareholders, Palantir CEO Alex Karp mentioned the firm’s enlargement and development “have by no means been larger,” particularly as demand for big language fashions in the U.S. “continues to be unrelenting.” Palantir has been rolling out its Artificial Intelligence Platform, or AIP, and Karp mentioned the firm carried out practically 600 pilots with the expertise in 2023, up from fewer than 100 in 2022.

“Our outcomes mirror each the energy of our software program and the surging demand that we’re seeing throughout industries and sectors for synthetic intelligence platforms,” Karp wrote.

Palantir mentioned it expects to report between $612 million and $616 million in revenue throughout its first quarter, and it guided revenue for the full 12 months between $2.65 billion and $2.67 billion. Wall Street was anticipating $617 million throughout the first quarter and $2.66 billion in revenue for the full 12 months.

Palantir, identified for its protection and intelligence work with the U.S. authorities, mentioned its U.S. business revenue grew 70% year-over-year. Palantir mentioned its U.S. business buyer rely elevated 55% 12 months over 12 months, rising from 143 clients to 221 clients.

Last quarter, Palantir reported its fourth-straight quarter of profitability, which suggests it’s now eligible for inclusion in the S&P 500.  

Palantir will host its quarterly name with traders at 5 p.m. ET. 

Source link

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *