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Palantir (PLTR) earnings Q4 2023

Palantir Co-Founder and CEO Alex Karp arrives at a bipartisan US Senate artificial intelligence (AI) forum at the US Capitol in Washington, DC, on September 13, 2023 .

Stefani Reynolds | AFP | fake images

Palantir reported fourth-quarter earnings after the bell on Monday that beat analysts’ revenue expectations. The company’s full-year 2024 forecasts roughly matched Wall Street estimates.

Here’s how the company fared:

  • Earnings per share: 8 cents, adjusted, versus 8 cents expected by LSEG, formerly known as Refinitiv
  • Revenue: $608.4 million vs. $602.4 million expected by LSEG

Palantir’s revenue for the fourth quarter ended Dec. 31 increased 20% year over year to $608.4 million, up from $508.6 million a year earlier. The company reported net income of $93.4 million, or 4 cents per share, compared with $30.9 million, or 1 cent per share, in the same quarter a year earlier.

Shares rose about 4% in after-hours trading.

In a letter to shareholders, Palantir CEO Alex Karp said the company’s expansion and growth “has never been greater,” especially as demand for large language models in the United States “remains relentless.” Palantir has been rolling out its Artificial Intelligence Platform, or AIP, and Karp said the company conducted nearly 600 pilots with the technology in 2023, up from fewer than 100 in 2022.

“Our results reflect both the strength of our software and the growing demand we are seeing across industries and sectors for AI platforms,” ​​Karp wrote.

Palantir said it expects to report between $612 million and $616 million in revenue during its first quarter, and guided full-year revenue between $2.65 billion and $2.67 billion. Wall Street expected $617 million for the first quarter and $2.66 billion in revenue for the full year.

Palantir, known for its defense and intelligence work with the US government, said its US business revenue grew 70% year over year. Palantir said its number of U.S. commercial customers increased 55% year over year, going from 143 customers to 221.

Last quarter, Palantir reported its fourth consecutive quarter of profitability, meaning it is now eligible for inclusion in the S&P 500.

Palantir will host its quarterly conference call with investors at 5 pm ET.

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