Palantir Technologies (NYSE: PLTR) stock soared in extended trading on Monday after announcing its first annual profit, driven by strong demand for AI services. The company also issued a 2024 profit outlook that beat expectations.
Palantir Technologies (PLTR) has projected an Reutersadjusted operational income between $834 million and $850 million for the current year, outstripping analysts’ average estimate of $760.3 million.
Palantir disclosed a net income of $210 million for 2023, marking its first profitable year, as communicated by Palantir’s CEO, Alex Karp, in a letter to shareholders. These figures surpassed the analyst predictions of $194.5 million.
“Our commercial sector is booming in a manner we’re struggling to manage”
Karp expressed in a Monday interview when the firm announced its financial outcomes.
He added,
“We’re at a loss on how to deal with the surge in demand.”
The company’s overall revenue in the fourth quarter soared by 20% to reach $608 million, outshining analysts’ projections of $603 million.
Palantir’s US commercial market revenue soared by 70% in Q4, reaching $131 million. The growth stemmed from both new customers and increased demands from existing ones.
During Q4, Palantir sealed 103 deals surpassing $1 million and 21 deals surpassing $10 million — double and quadruple the respective amounts compared to the previous year.
Palantir Technologies (NYSE: PLTR) Stock Movement
PLTR stock surged 17.28% in the after-hours trading after dropping nearly 2% to close at $16.72 on Monday. The traders had exchanged hands with 147,972,336 (147.97 million) shares compared to the average daily trading volume of 55.04 million.
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