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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·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. 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