On Monday, Palantir Technologies announced its first-quarter financial results, which surpassed top and bottom-line estimates.
Its stock price went up by 4.45% to $7.74 per share on May 08. Likewise, it is expected to increase by 21.45% to $9.40 apiece in the upcoming session.
The company’s earnings per share rose to $0.05, beating the analysts’ $0.04 forecasts and previous data.
Moreover, the revenue of Palantir improved to $525.00 million, topping the $505.82 million consensus. Therefore, it is better than the prior $509.00 million figures. It equates to an 18.00% jump year-over-year, while its US commercial revenue had a 26.00% growth.
According to its CEO, Alex Karp, the firm reported its second-ever quarter of high net income GAAP. It hit $17.00 million, based on the letter to shareholders. He added that the entity is anticipated to maintain its profitability.
In the previous quarter, Palantir had its first-ever quarter that earned a positive net income of $31.00 million. Karp said it was a significant moment for them and their supporters.
Also, it looks forward to reporting revenue between $528.00 million and $532.00 million in Q2. For the full year, it anticipates hitting a range of $2.19 billion to $2.24 billion.
Moreover, Karp mentioned that the demand for the new artificial intelligence platform of Palantir is without precedent.
Apollo Platform Deal of Palantir Closed
Palantir Technologies reported on Monday that it closed a major deal worth $1.00 million for its Apollo platform. The deal is made with a major tech company, Edge AI.
For the past two quarterly presentations, it signed more than 133 deals with a size of less than a million. Moreover, its business model depends on contracts to close deals. Also, it specializes in managing extensive and crucial data analysis.
The Apollo deal for Edge AI contributes to the US government by operationalizing AI at scale. This includes improving software, sensor, and effect chains.
Palantir is investing heavily in Western innovation. As a result, 15 global system integrators are dealing with its products.