Palantir co-founder and CEO Alex Karp arrives for a U.S. Senate bipartisan Artificial Intelligence Insight Forum on the U.S. Capitol in Washington, D.C., on Sept. 13, 2023.
Stefani Reynolds | AFP | Getty Images
Palantir shares surged greater than 19% in after-hours trading on Monday after the corporate reported fourth-quarter earnings that beat analysts’ expectations for revenue. Full-year guidance for 2024 got here roughly in step with Wall Street’s estimates.
Here’s how the corporate did:
- Earnings per share: 8 cents adjusted vs. 8 cents expected by LSEG, formerly often known as Refinitiv
- Revenue: $608.4 million vs. $602.4 million expected by LSEG
Revenue within the fourth quarter increased 20% to $608.4 million from $508.6 million a 12 months earlier. The corporate reported a net income of $93.4 million, or 4 cents per share, compared with $30.9 million, or 1 cent per share, within the year-ago quarter.
In a letter to shareholders, Palantir CEO Alex Karp said the corporate’s expansion and growth “have never been greater,” especially as demand for giant language models within the U.S. “continues to be unrelenting.” Palantir has been rolling out its Artificial Intelligence Platform, or AIP, and Karp said the corporate carried out nearly 600 pilots with the technology in 2023, up from fewer than 100 in 2022.
“Our results reflect each the strength of our software and the surging demand that we’re seeing across industries and sectors for artificial intelligence platforms,” Karp wrote.
Palantir said it expects to report between $612 million and $616 million in revenue during its first quarter, and forecast revenue for the complete 12 months of $2.65 billion to $2.67 billion. Wall Street was expecting sales of $617 million for the primary quarter and $2.66 billion for the 12 months.
Palantir, known for its defense and intelligence work with the U.S. government, said its U.S. industrial revenue grew 70% 12 months over 12 months. Palantir said its U.S. industrial customer count increased 55% from 143 customers to 221 customers.
Within the prior period, Palantir reported its fourth straight quarter of profitability, which suggests it’s now eligible for inclusion within the S&P 500.
WATCH: Palantir shares climb after earnings show jump in industrial customers