Following the release of better-than-expected fourth-quarter results and forecast fuelled by continuous advancements in artificial intelligence, Palantir jumped more than 21% on Tuesday to reach a record high.
The action brought its market capitalisation very close to that of Cisco Systems and IBM.
The software company, which is based in Denver, reported $828 million in revenue and adjusted earnings of 14 cents per share.
That exceeded the $776 million in sales and 11 cents per share that LSEG’s poll of analysts had predicted. Additionally, Palantir provided optimistic forecasts for the current quarter and the entire year.
The business expects to make between $858 million and $862 million in the first quarter.
$799 million was needed. The business anticipates $3.74 billion to $3.76 billion in sales for the entire year, which is higher than the $3.52 billion forecast.
Source (CNBC)
