Palantir Technologies (PLTR) on Monday reported first-quarter profit and earnings that beat Wall Street targets. PLTR’s share price surged as the company’s CEO outlined plans to capitalize on growing business interest in artificial intelligence.
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Adjusted Palantir revenue for the period ended March 31 was 0.5 cents. Revenue also increased 18% to $525 million, according to the data analytics software maker. Manufacturers of data analysis software reported their results after the market closed.
Analysts had expected earnings of 4 cents per share on earnings of $506 million. Additionally, Denver-based Palantir said government revenues were up 20% to his $289 million, in line with estimates. Meanwhile, commercial revenue increased by 15% for him to $236 million and views for him exceeded $217 million.
PLTR’s share price rose 12.5% to 8.71 in afternoon trading on the stock market today.
Palantir chief: Demand ‘unprecedented’
In a letter to shareholders, CEO Alex Karp said the software maker is well positioned to meet growing interest in artificial intelligence tools.
“The depth of engagement and demand for our new Artificial Intelligence Platform (AIP) is unprecedented,” he said. “We are now mobilizing our company and sales teams to turn this organic, inbound interest into increased reach within the market.”
He added: “AIP enables businesses in the commercial and government sectors to harness the power of large-scale language models on their own datasets. The first iteration of the platform will be available to select customers this month. Become.”
Palantir Inventory: Sales Guidance Light
Palantir said it posted net income of $17 million for the March quarter using generally accepted accounting principles (GAAP).
For the quarter ending in June, Palantir projected revenue of $530 million versus an estimate of $537 million.
PLTR shares are up 15% ahead of Palantir’s earnings report in 2023.
According to the Palantir strain, it holds the weakest relative strength rating of 26 out of 99, the highest possible. IBD stock check.
Palantir also derives nearly 60% of its revenue from government agencies. They use his Palantir software for intelligence gathering, counter-terrorism and military purposes. Additionally, the software maker has expanded into the healthcare, energy, and manufacturing sectors.
Follow Reinhard Krause on Twitter @reinhardtk_tech See the latest in 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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