Palantir Technologies nyse Pltr Shares Soar on Back of Robust 2024 Profit Outlook

Palantir Technologies (NYSE: PLTR) Shares Soar on Back of Robust 2024 Profit Outlook

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 adjusted 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.