Palantir (NYSE:PLTR) is a Denver-based company that builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. Shares of Palantir have surged 37% week-over-week as of early morning trading on Wednesday, February 7. The stock has soared 168% year over year.
The company has generated considerable buzz due to the strides it has made in the artificial intelligence (AI) space. Palantir unveiled its fourth quarter (Q4) fiscal 2023 earnings on February 5, 2024.
In Q4 2023, Palantir reported GAAP net income of $93 million, scoring the fifth straight quarter of GAAP profitability. Revenue rose 20% year-over-year to $608 million. That was also up 9% compared to Q3 2023. It posted US commercial revenue growth of 70% over the previous year. Meanwhile, its US commercial customer count rose 55% from Q4 FY2022 to 221 customers and US commercial total contract value (TCV) reached $343 million. That was up 107% on a dollar-weighted basis compared to the prior year.
For the full year, Palantir achieved revenue growth of 17% to $2.23 billion. Commercial revenue rose 20% to $1.0 billion with US commercial revenue growing 36% to $457 million. Government revenue rose 14% to $1.2 billion. Adjusted diluted earnings per share (EPS) reached $0.25 for FY2023.
Looking ahead to Q1 fiscal 2024, Palantir is projecting revenue between $612-616 million and adjusted income from operations between $196-200 million. For the full year, it expects revenue to grow to between $2.65 to $2.66 billion.
