Palantir’s (PLTR) stock is up 19% after the data analytics company reported strong fourth-quarter financial results.
For the final three months of 2023, Palantir reported earnings per share (EPS) of $0.08 U.S., which matched Wall Street forecasts.
Revenue in Q4 2023 totaled $608.4 million U.S., topping analysts’ expectations for sales of $602.4 million U.S. The company’s revenue increased 20% from a year earlier.
The growth was attributed to demand for artificial intelligence (A.I), which Palantir Chief Executive Officer (CEO) Alex Karp characterized as “unrelenting.”
Palantir has been rolling out a new A.I. platform in recent months and conducted 600 pilots of the technology in 2023, up from less than 100 in 2022.
Regarding forward guidance, Palantir said it expects to report between $612 million U.S. and $616 million U.S. in revenue during the current first quarter, and forecast revenue for the full year of $2.65 billion U.S. to $2.67 billion U.S.
Wall Street was expecting sales of $617 million U.S. for Q1 and $2.66 billion U.S. of sales for the entire year.
Palantir, known for its work with the American government, said its U.S. commercial revenue grew 70% year-over-year in Q4 2023.
The company added that its U.S. commercial count increased 55% to 221 customers.
Palantir has now reported four consecutive quarters of profitability, making it eligible for inclusion in the benchmark S&P 500 stock market index.
Prior to today (Feb. 6), the stock of Palantir had gained 101% over the last 12 months to trade at $16.72 U.S. per share.
