PLTR Shares Surge as Q4 Earnings and Revenue Exceed Wall Street Forecasts
Following the software company’s release of fourth-quarter profits and revenue that exceeded Wall Street’s projections, Palantir shares jumped as much as 22% during Monday’s extended session. Palantir provided a better-than-expected outlook in addition to the fourth-quarter beat. In contrast to an LSEG projection of $799 million, the business stated that it anticipates revenue of between $858 million and $862 million. Palantir predicted sales of $3.74 billion to $3.76 billion for the entire year, exceeding the average estimate of $3.52 billion.
Palantir CEO Alex Karp: ‘We Are at the Beginning of an AI Revolution’
One of the biggest suppliers of technology and software to defense organizations is Palantir. Alex Karp, the CEO, said the company’s usage of AI was largely responsible for its development.
Our business results continue to astound, demonstrating our deepening position at the center of the AI revolution. Our early insights surrounding the commoditization of large language models have evolved from theory to fact.
Karp
The quarter’s revenue climbed 36% from $608.4 million in the same period last year. Sales rose 29% for the entire year. In a letter to shareholders, Karp stated that the company’s current pace in both its government and commercial areas is unprecedented. According to Palantir, its U.S. government revenues increased 45% year over year to $343 million, while its U.S. commercial revenue increased 64% to $214 million. According to the corporation, it anticipates that U.S. commercial sales will increase by at least 54% by 2025, reaching around $1.08 billion.
We are still in the earliest stages, the beginning of the first act, of a revolution that will play out over years and decades,
Karp
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment