Palantir Technologies (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 this exciting tech stock have shot up 65% month-over-month as of close on May 25. The stock is up 100% so far in 2023.
This surge was spurred by the release of Palantir’s first quarter fiscal 2023 earnings report. Palantir delivered its second straight quarter of positive GAAP net income, and it also announced its foray into the artificial intelligence space with the launch of its Artificial Intelligence Platform (AIP). On its website, Palantir has explained the broad uses of this technology. Investors should be excited as Palantir now has another footprint in a subsector with huge future potential.
In Q1 2023, the company posted GAAP net income of $17 million. Meanwhile, it reported GAAP earnings per shar (EPS) of $0.01 and adjusted EPS of $0.05. Palantir achieved total revenue growth of 18% year-over-year to $525 million. Moreover, its United States revenue climbed 23% from the prior year to $337 million and U.S. government revenue shot up 22% to $230 million.
Shares of this tech stock are trading in decent value territory at the time of this writing. Meanwhile, Palantir boasts a picture perfect balance sheet and is on track for very solid earnings growth going forward. It is not too late to snatch up this promising tech stock after its recent earnings report
