Shares of Palantir pop as it reports first profitable quarter

In this article

A banner featuring the logo of Palantir Technologies (PLTR) is seen at the New York Stock Exchange (NYSE) on the day of their initial public offering (IPO) in Manhattan, New York City, U.S., September 30, 2020.
Andrew Kelly | Reuters

Shares of Palantir popped more than 14% in extended trading Monday after the company released fourth-quarter earnings that beat analysts’ estimates on top and bottom lines.

Here’s how the company did:

  • EPS: 4 cents adjusted vs. 3 cents expected by analysts, according to Refinitiv
  • Revenue: $509 million vs. $502 million expected by analysts, according to Refinitiviv.

Palantir’s revenue for the quarter increased 18% year over year, and its U.S. commercial revenue grew 12%. The software company, which is known for its work with the government, said its US commercial customer count increased 79% year over year, growing from 80 customers to 143.

The company also reported its first ever quarter of positive net income on a GAAP basis, at $31 million.

“With this result, Palantir is profitable,” CEO Alex Karp said in the release. “This is a significant moment for us and our supporters.”

Palantir said it expects to report between $503 million and $507 million in revenue during its first quarter.

The company will hold its quarterly call with investors at 5:00 P.M. ET Monday.

Products You May Like

Articles You May Like

Credit Suisse sheds another 9% as traders digest emergency liquidity
Are The Superrich More Burdened And Paying The Highest Tax Rates?
Finland is the world’s happiest country. Now it’s giving away free trips to show travelers why
Ask Larry: Will Continuing To Work Increase My Social Security Retirement Benefit?
Mortgage Rates Drop As U.S. Bank Failures Compress Bond Yields

Leave a Reply

Your email address will not be published. Required fields are marked *