PLTR - Palantir Q1 earnings: commercial strength drive a 21% increase in revenue
2024-05-06 16:10:36 ET
Palantir Technologies Inc (NYSE: PLTR) is trading up in extended hours on Monday after reporting better-than-expected financial results for its first quarter.
Palantir issues upbeat future guidance
Investors are cheering also because the management issued upbeat guidance for the future. now forecasts its revenue to fall between $649 million and $653 million in its current fiscal quarter.
Analysts, in comparison, were at $641 million. Alex Karp – the chief executive of Palantir said in a press release today:
The New York listed firm expects its U.S. commercial business to grow by at least 45% in 2024. Note that our market analyst Ritesh A. is bullish on Palantir stock at writing.
Palantir Q1 earnings snapshot
Earned $106 million versus the year-ago $90 million
Per-share earnings also improved from 1 cent to 4 cents
Adjusted EPS printed at 8 cents as per the earnings report
Revenue climbed 21% year-over-year to $634 million
Consensus was 7 cents a share on $615 million in revenue
U.S. commercial customer count went up 69% to 262 customers
Palantir saw its commercial and government revenues gain 27% and 16% in Q1. CEO Karp also said on Monday:
It is worth mentioning here that may soon join the S&P 500 as Invezz reported here .
This is a developing story. Check back in a few minutes for more updates!
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