Uncategorized

Palantir Posts First Quarterly Profit Following New Contract Wins

Stafford / United Kingdom - November 18 2020: Palantir company logo on the screen of smartphone, finger touching it and the blurred Palantir logo on the background.

Palantir (NYSE:PLTR) reported its first-ever quarterly profit, as well as a top- and bottom-line beat in the final three months of 2022, as a ramp-up in customers bolstered performance. On a GAAP basis, the U.S.-based data analytics company posted net income of $31 million in the quarter up to the end of December, translating to earnings per share of $0.01. “We are now, in the last quarter, GAAP profitable, and we plan to be GAAP profitable in this year,” chief executive officer Alex Karp, who co-founded the group with billionaire tech mogul Peter Thiel, told analysts in a call following the release of the earnings. Meanwhile, adjusted EPS of $0.04 on revenue of $509.0M topped Wall Street estimates of $0.03 and $503.1M, respectively.

Palantir Was Up More Than 16% In After-Hours Trading.

Undergirding these better-than-expected returns were new contract wins stemming from the firm’s efforts to expand its commercial business. Quarterly commercial revenue grew 11% compared to the same period in the prior year to $215M, although Palantir said U.S. demand for this segment had slowed. However, revenue from governments rose by 23% to $293M, reflecting the ongoing strength of its business dealings with western defense and security departments. “[O]ur basic view of Palantir is we are in this to make institutions of the West stronger. We believe we’re winning. Because we’re winning, I think there’s going to be a lot of interest in us in buying our software and potentially in buying us,” Karp said. Looking ahead to the first quarter, the company guided for revenue of between $503M and $507M, slightly below Wall Street forecasts of $520.28M For full-year 2023, revenue is expected in a range of $2.18 billion to $2.23 billion, compared with consensus of $2.29B.

Related posts
Uncategorized

Asian Stocks Dip As Markets Weigh Fed Fears, China Stimulus Hopes

Most Asian stocks retreated on Thursday amid continued concerns over rising interest rates and…
Read more
Uncategorized

Asian Stocks Edge Past Weak Economic Signals, Chinese Shares Lag

Most Asian stocks rose slightly on Wednesday as markets weighed worsening economic conditions in the…
Read more
Uncategorized

Exclusive-Accounting For War: Ukraine’s Climate Fallout

The war in Ukraine is deepening the climate crisis at time when global greenhouse gas emissions are…
Read more
Newsletter
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you. [mc4wp_form id="729"]

Leave a Reply

Your email address will not be published. Required fields are marked *