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Palantir’s Shares Surge by 19% as Its Third-Quarter Results Exceeded Forecasts

Palantir’s stock shot up 19% on Thursday on the release of the company’s third-quarter earnings, which exceeded analysts’ projections and increased full-year revenue estimates.

The company performed as follows:

Profits per share (Adjusted): 7 cents versus 6 cents predicted by LSEG (previously Refinitiv) Revenue: $558 million versus $556.1 million projected by LSEG

From $478 million in the previous year to $558 million in the third quarter, Palantir’s sales climbed by 17%. In the same quarter last year, the firm reported a net loss of $123.9 million; this year, it posted a net income of $72 million, or 3 cents per share.

After achieving profitability for four consecutive quarters, the company’s third-quarter results qualify it for inclusion in the S&P 500. In February of this year, Palantir revealed its first quarter of profitability.

Palantir has increased its sales projection for the entire year to between $2.216 billion and $2.22 billion, and it expects to report revenue for the fourth quarter of between $599 million and $603 million. Palantir stated in its Q2 that it anticipated $2.212 billion for the entire year, which was more over the halfway mark.

CEO Alex Karp discussed the ongoing Israel-Hamas conflict on the company’s quarterly investor call. The company is well-known for its defence and intelligence work with the US government.

“Palantir solely provides its wares to allies in the West,” Karp stated. We are loyal supporters of the US government and have never given our products to adversaries. We are doing everything we can to help Israel, and I am proud of it.

Year over year, Palantir’s U.S. commercial income increased by 33%. Palantir reported a 37% year-over-year rise in its U.S. business customer base, going from 132 to 181.

Source (CNBC)

SourceCNBC
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