From CNBC:

Palantir shares surged over 19% in after-hours trading following the announcement of fourth-quarter earnings that beat revenue expectations. The company reported a 20% increase in revenue to $608.4 million, with a net income of $93.4 million, up from $30.9 million in the previous year. CEO Alex Karp cited strong demand for the company’s AI platform, with revenue guidance for 2024 in line with Wall Street estimates. Palantir’s U.S. commercial revenue grew 70% year over year, with a 55% increase in customer count.

The company reports fourth-straight quarter of profitability, making it eligible for inclusion in the S&P 500. This comes as Palantir continues to expand its Artificial Intelligence Platform, conducting nearly 600 pilots with the technology in 2023, up from fewer than 100 in 2022. The company expects to report between $612 million and $616 million in revenue for the first quarter and between $2.65 billion and $2.67 billion for the full year. Wall Street analysts were expecting $617 million during the first quarter and $2.66 billion for the full year.

CEO Alex Karp highlighted the strength of the company’s software and the growing demand across industries and sectors for artificial intelligence platforms. The company’s expansion and growth are at an all-time high, driven by unrelenting demand for large language models in the U.S. Palantir’s U.S. commercial revenue grew 70% year over year, with the customer count increasing from 143 to 221. Palantir’s quarterly call with investors is set for 5 p.m. ET.



Read more: Palantir (PLTR) earnings Q4 2023