Palantir Q1 earnings: commercial strength drive a 21% increase in revenue
Palantir Technologies Inc (NYSE: PLTR) is trading up in extended hours on Monday after reporting better-than-expected financial results for its first quarter.
Palantir issues upbeat future guidance
Investors are cheering also because the management issued upbeat guidance for the future. $PLTR now forecasts its revenue to fall between $649 million and $653 million in its current fiscal quarter.
Analysts, in comparison, were at $643 million. Alex Karp – the chief executive of Palantir said in a press release today:
The New York listed firm expects its U.S. commercial business to grow by at least 45% in 2024. Note that our market analyst Ritesh A. is bullish on Palantir stock at writing.
Palantir Q1 earnings snapshot
- Earned $106 million versus the year-ago $19 million
- Per-share earnings also improved from 1 cent to 4 cents
- Adjusted EPS printed at 8 cents as per the earnings report
- Revenue climbed 21% year-over-year to $634 million
- Consensus was 7 cents a share on $615 million in revenue
- U.S. commercial customer count went up 69% to 262 customers
Palantir saw its commercial and government revenues gain 27% and 16% in Q1. CEO Karp also said on Monday:
It is worth mentioning here that $PLTR may soon join the S&P 500 as Invezz reported here.
This is a developing story. Check back in a few minutes for more updates!
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