From Dow Jones & Company:

Palantir Technologies Inc. surpassed revenue expectations for the latest quarter, with a 20% increase to $608 million in the fourth quarter, beating the FactSet consensus of $603 million. The company also exceeded full-year outlook projections, with anticipated revenues of $2.652 billion to $2.668 billion for 2024. Palantir’s U.S. commercial business saw 70% growth, generating $131 million in revenue. The company’s overall commercial revenue grew 32% to $284 million, while government business expanded 11% to reach $324 million. The stock was up 8% in after-hours trading on Monday. CEO Alex Karp said demand for large-language models continues to be unrelenting. Chief Revenue Officer Ryan Taylor noted there are “hundreds of use cases” for their AI Platform, with expectations of over $640 million in U.S. commercial revenue for 2024, representing a 40% increase. Despite the promising performance, Palantir plans to heavily invest in AI opportunities in 2024. These achievements have led to a doubling in Palantir’s stock value over the past year.



Read more: Palantir’s stock gains as company rides AI wave to upbeat earnings, outlook