Palantir Stock Soars After Sales Growth Beats Expectations -- WSJ

Dow Jones11-05

By Heather Somerville

Palantir Technologies shares jumped after the software company posted strong sales and raised its revenue guidance, buoying investor confidence in its growth amid voracious appetite for artificial-intelligence products.

Palantir reported revenue of $726 million for last quarter, a 30% increase on a year earlier and above analysts' expectations. Shares were up 12% in recent premarket trading, echoing an afterhours rally.

Analysts say growth in Palantir's commercial business and government contracts are critical to justify its lofty-and rising-stock price. The company notched some major contracts with the Defense Department this year, including an expanded role in Project Maven, the Pentagon's marquee AI program.

Dig deeper into Palantir's earnings here.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 05, 2024 04:21 ET (09:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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