Palantir Technologies Inc. has had an exciting week, and if you’re curious about what’s been happening, you’re in the right place! On March 7, 2024, the company announced that it had exceeded expectations in its fourth-quarter earnings report, and as a result, its stocks took off—gaining a whopping 22% in after-hours trading.
Outstanding Earnings Report
In their latest earnings report, Palantir delivered some impressive numbers that thrilled investors all over. Here are some key highlights:
- They reported adjusted earnings per share (EPS) of 14 cents, which is a pleasant surprise compared to the predicted 11 cents.
- The total revenue for the quarter was an astonishing $828 million, exceeding the expected $776 million.
- For the first quarter of 2024, they provided revenue guidance in the range of $858 million to $862 million, surpassing analyst expectations.
- They foresee full-year sales between $3.74 billion and $3.76 billion, also above predictions of $3.52 billion.
CEO Highlights AI Growth
CEO Alex Karp was enthusiastic during the earnings call, attributing much of this success to the company’s advancements in artificial intelligence. Karp expressed optimism about how their AI capabilities are transforming their business model and driving revenue growth across sectors.
Strong Growth in Commercial and Government Sectors
The report revealed strong growth in both their commercial and government divisions. Here’s a closer look:
- U.S. commercial revenue soared by 64% year-over-year, reaching $214 million in the fourth quarter.
- Revenue from the U.S. government saw an increase of 45% year-over-year, climbing to $343 million for the same period.
This impressive performance has led Palantir to project that its U.S. commercial sales will grow by at least 54% in 2025, potentially exceeding $1.08 billion.
A Year to Remember
It’s not just this quarter: Palantir has had a remarkable year overall. The company’s stock soared 340% in 2024, making it a prominent player in the tech market. This surge even led to their inclusion in the prestigious S&P 500 and Nasdaq 100.
Tracking the Stock Surge
Given these exciting results, shares of Palantir are flying high. Here’s how the stock has performed recently:
| Date | Closing Price | Daily Change |
|---|---|---|
| March 6, 2024 | $20.00 | — |
| March 7, 2024 | $24.40 | +22% |
| March 8, 2024 | $24.00 | -1.64% |
Conclusion
Palantir Technologies is not just standing out for this quarter. Its ongoing success story reflects its strategic use of artificial intelligence and strong demand for its data analysis platforms. As AI continues to evolve, it seems Palantir is geared up for an exciting journey ahead, with investors eagerly watching what the future holds for the company.
