Palantir Technologies Stock Rises 13% on 2023 Guidance

Dow Jones2023-02-14

By Sabela Ojea

Shares of Palantir Technologies Inc. on Monday climbed after the company said it expects to end 2023 with a rise in revenue following a profitable set of results for its latest quarter.

Shares increased 13% to $8.57 in after-hours trading.

The software company said it expects revenue between $2.18 billion and $2.23 billion for 2023, up from reported revenue of $1.91 billion for 2022, as a result of higher demand for its platforms as it focuses on artificial intelligence.

"We anticipate that this new source of demand will contribute to our growth moving forward, above and beyond what we would have anticipated even late last year," Chief Executive Alexander Karp said.

The company's outlook comes as it reports a profit for the first time in its history.

Palantir Technologies posted fourth-quarter net income of $33.5 million, or 1 cents a share, compared with a loss of $156.2 million, or 8 cents a share, for the same period a year earlier.

Stripping out one-time items, the company's earnings per share came in at 4 cents a share, beating analysts expectations of 3 cents a share, according to FactSet.

Revenue increased 18% to $508.6 million. Analysts polled by FactSet had forecast revenue of $502.6 million.

"We expect to generate a profit for the current fiscal year, our first profitable year in the history of our company," Mr. Karp added.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 13, 2023 16:25 ET (21:25 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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Cheryi
2023-02-14
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