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Alex Karp, CEO of Palantir Technologies, speaks at the Davos Congress Centre, venue for the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 18, 2023.
Arend Wegmann Reuters
shares Blantyre It rose as much as 28% in extended trading Monday after the company issued a first quarter earnings It beat analyst estimates and said it expects to be profitable through the end of the year.
Here’s how the company did:
- EPS: 5 cents, adjusted versus the 4 cents expected by analysts, according to Refinitiv
- he won: $525 million versus the $506 million expected by analysts, according to Refinitiviv
Palantir’s revenue for the quarter increased 18% year-over-year, and its U.S. commercial revenue grew 26%. The software company, known for its work with the government, said the number of commercial customers in the US increased 50% year over year, rising from 103 customers to 155.
The company reported its second-ever positive net income on a GAAP basis, at $17 million, and in a letter to shareholders, CEO Alex Karp said the company expects to remain profitable “every quarter through the end of the year.”
Palantir said it expects to generate revenue between $528 million and $532 million during the second quarter, and between $2.19 billion and $2.24 billion for the full year.
Karp also said that demand for Palantir’s new AI platform is “unprecedented”. The company’s AIP allows the commercial and government sectors to use large language models based on their datasets.
“We have already had hundreds of conversations with potential clients about deploying the software and are currently negotiating terms and prices for access to the platform components,” he wrote.
The company will hold its quarterly investor call at 5:00 PM ET on Monday.
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