Data CompanyPalantir(PLTR) shares surged more than $19% in after-hours trading on Monday after its earnings report, beating analysts’ revenue expectations. The company’s revenue for the fourth quarter ended 2023 increased by $20% year-over-year to $608 million, beating LSEG (formerly Refinitiv)’s expectations of $602 million.
Source Note: The image is generated by AI, and the image is authorized by Midjourney
In a letter to shareholders, Palantir CEO Alex Karp said the company’s expansion and growth were “unprecedented,” especially in the U.S.Large Language ModelsHe noted that Palantir launched its artificial intelligence platform (AIP) in 2023 and that the company has increased the number of pilot projects it is conducting on the technology to nearly 600 from less than 100 in 2022.
The financial report showed that the company's net income was US$93.4 million and earnings per share were 4 cents, a significant increase from the net income of US$30.9 million and earnings per share of 1 cent in the same period last year.
In the commercial sector, Palantir's revenue in the US market increased by 70% year-on-year, and the number of commercial customers increased from 143 to 221, an increase of 55%. The company expectsFirstThe company forecast quarterly revenue of $612 million to $616 million and forecast full-year revenue of $2.65 billion to $2.67 billion, in line with Wall Street expectations.FirstSales expectations for the quarter and full year are comparable.
Notably, Palantir previously reported its fourth consecutive quarter of profitability, which made the company eligible to join the S&P 500 index.