Palantir Surges 21% After AI Demand Powers Record Quarterly Profit

Bloomberg2023-11-02

Palantir Technologies Inc. surged more than 21% in morning trading after the company reported the fourth consecutive quarter of profitability and highest earnings since its founding 20 years ago, ...

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GggSlimeR
2023-11-02
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The company also said it expects 2023 revenue of about $2.22 billion, narrowly outpacing analyst expectations. Palantir, famous for its work with intelligence agencies and its billionaire co-founder Peter Thiel, reported $72 million net income in the quarter ending Sept. 30 and a 17% rise in revenue, to $558 million.“We earned the most significant profit in our company’s twenty-year history,” Palantir Chief Executive Officer Alex Karp wrote in a letter to shareholders Thursday. “With these results, our company is now eligible for inclusion in the S&P 500, a milestone that we have been working towards and knew was within reach.”Long criticized on Wall Street for relying too heavily on engineers customizing its software for individual customers, Palantir has automated more work in recent years. The revenue it generates per employee nearly doubled in the past four years, Karp said in the letter.Palantir’s stock has been on a tear since it announced high demand for its AI offerings earlier this year, with the debut of a new product called the Artificial Intelligence Platform. Karp said this summer that the tools were so powerful he wasn’t sure he should even sell it to some customers.Palantir has made progress on getting customers set up with its products faster than in the past, Chief Legal and Business Affairs Officer Ryan Taylor told Bloomberg in an interview. Instead of trial runs allowing users to experiment with its technology, the company is increasingly hosting “bootcamps” to train and convert potential customers into paying subscribers. What used to take as long as three months can now be achieved in one to five days, Taylor said.The number of US-based commercial customers at the company grew 37% in the third quarter to reach 181. 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