Shares of Palantir Technologies (PLTR) are up 18% after the data analytics firm reported its first ever quarterly profit.
The Denver, Colorado-based company reported fourth-quarter earnings that beat Wall Street forecasts on both the top and bottom lines.
Specifically, Palantir announced earnings per share (EPS) of $0.04 U.S. versus $0.03 U.S. that was expected by analysts who cover the company.
Revenue in the quarter amounted to $509 million U.S. compared to $502 million U.S. that was forecast by analysts, according to Refinitiv data.
Revenue was up 18% year-over-year in Q4, and the company’s U.S. commercial revenue grew 12% in the three months ended December 31, 2022.
The software company, which is known for its work with the American government, said its U.S. commercial customer count increased an annualized 79% in Q4, growing from 80 to 143 customers.
The company also reported its first ever quarter of positive net income at $31 million U.S.
“With this result, Palantir is profitable,” CEO Alex Karp said in a news release.
Looking forward, Palantir said it expects between $503 million U.S. and $507 million U.S. in revenue during the current first quarter, and between 2.18 billion U.S. and 2.23 billion U.S. for all of 2023.
The company also said that it expects to generate a profit for the current fiscal year, which would mark the first profitable year in Palantir’s 20-year history.
Palantir’s stock has declined 43% in the last 12 months to $7.61 U.S. per share
Tech Insider
