Palantir Technologies Inc. (PLTR) saw a significant surge in its stock price, jumping over 17% in after-hours trading following the release of its fourth-quarter earnings report. The company’s revenue for the quarter reached $608.4 million, marking a 20% increase compared to the previous year. The strong performance exceeded analysts’ expectations, driving positive investor sentiment.
CEO Alex Karp highlighted the relentless demand for large language models in the U.S., emphasizing the company’s robust expansion and growth. Palantir’s Artificial Intelligence Platform (AIP) has been pivotal in meeting this demand, with the company conducting nearly 600 pilots with the technology in 2023, a significant increase from the previous year.
Looking ahead, Palantir provided revenue guidance for the first quarter, expecting to report between $612 million and $616 million. The full-year revenue guidance is projected to range from $2.65 billion to $2.67 billion. Despite the positive outlook, Wall Street’s expectations slightly differed, anticipating $617 million for the first quarter and $2.66 billion for the full year.
Notably, the company’s U.S. commercial revenue experienced substantial growth, soaring by 70% year over year. The customer count also surged, increasing by 55% from 143 to 221 customers. Palantir’s strong financial performance has positioned it for potential inclusion in the S&P 500, having reported its fourth consecutive quarter of profitability.
The impressive earnings report and optimistic guidance have bolstered Palantir’s position in the market, reflecting the company’s ability to meet evolving industry demands and drive sustained growth.
