PLTR Stock Surges As Government Sales Drive Palantir Earnings Beat

Palantir Technologies (PLTR) on Monday reported fourth-quarter earnings and revenue that topped Wall Street targets. PLTR stock jumped, though full-year 2023 revenue guidance came in below expectations.

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For the quarter ended Dec. 31, Palantir earnings on an adjusted basis were 4 cents, up 100% from a year earlier. Revenue rose 18% to $509 million, the maker of data analytics software said.

Analysts had predicted earnings of 3 cents a share on revenue of $502.3 million. Denver-based Palantir said government revenue rose 23% to $293 million, compared with estimates for 21% growth.

PLTR Stock: Revenue Guidance Light

Using generally accepted accounting principles, or GAAP, Palantir had net income of $31 million. It marked Palantir’s first quarter of positive GAAP net income.

PLTR stock popped 12.1% to 8.53 in extended trading on the stock market today.

For the current quarter ending in March, Palantir forecast revenue of $505 million vs. estimates of $520 million.

For full-year 2023, Palantir said it expects revenue in a range of $2.18 billion to $2.23 billion. Analysts had predicted sales of $2.29 billion.

PLTR stock had advanced 9% thus far in 2023 heading into the Palantir earnings report.

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

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