PLTR shares surge as government sales boost Palantir’s earnings beat
Palantir technology (PLTRESS) on Monday reported fourth-quarter earnings and revenue that beat Wall Street targets. PLTR stock jumped, though its full-year 2023 revenue forecast fell short of expectations.
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For the quarter ended December 31, Palantir earnings on an adjusted basis were 4 cents, up 100% from a year earlier. Revenue rose 18 percent to $509 million, the data analytics software maker said.
Analysts had predicted earnings of 3 cents a share on revenue of $502.3 million. Denver-based Palantir said government revenue rose 23% to $293 million, compared with an estimate of 21% growth.
PLTR stock: Revenue guide light
Using generally accepted accounting principles, or GAAP, Palantir had a net income of $31 million. It marks Palantir’s first quarter with positive GAAP net income.
PLTR stock rose 12.1% to 8.53 in extended trading above stock market today.
For the current quarter ending March, Palantir forecast revenue of $505 million versus an estimate of $520 million.
For the full year of 2023, Palantir said it expects revenue between $2.18 billion and $2.23 billion. Analysts had predicted revenue of $2.29 billion.
So far, PLTR stock is up 9% in 2023 in preparation for Palantir’s earnings report.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless networks, artificial intelligence, cybersecurity, and cloud computing.
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