PLTR Stock: Palantir Earnings, Revenue Top Estimates On Strong Commercial Growth

Palantir Technologies (PLTR) on Monday reported first-quarter earnings and revenue that topped Wall Street targets. PLTR stock popped, even though its June-quarter revenue outlook came in below expectations.

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The maker of data analytics software reported results after the market close. For the period ended March 31, Palantir earnings on an adjusted basis were 5 cents. Revenue rose 18% to $525 million, the maker of data analytics software said.

Analysts had predicted earnings of 4 cents a share on revenue of $506 million. Denver-based Palantir said government revenue rose 20% to $289 million, in line with estimates. Commercial revenue climbed 15% to $236 million, topping estimates of $217 million.

PLTR stock popped 12.5% to 8.71 on the stock market today.

Using generally accepted accounting principles, or GAAP, Palantir said it had net income of $17 million in the March quarter.

Palantir Stock: Sales Guidance Light

For the current quarter ending in June, Palantir predicted revenue of $530 million vs. estimates of $537 million.

PLTR stock had advanced 15% thus far in 2023 heading into the Palantir earnings report.

Palantir stock holds a Relative Strength Rating of 26 out of a best-possible 99, according to IBD Stock Check-up.

Also, Palantir gets nearly 60% of revenue from government agencies. They use Palantir software for intelligence gathering, counterterrorism and military purposes. In addition, the software maker has expanded into the health care, energy and manufacturing sectors.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

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