Palantir Surges as AI Demand Powers Record Quarterly Profit
- Customers have clamored for the company’s new AI offerings
- Palantir missed expectations on sales to governments
The Palantir headquarters in Palo Alto, California, US.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Palantir Technologies Inc. surged the most in almost six months after the company reported the fourth consecutive quarter of profitability and highest earnings since its founding 20 years ago, citing strong demand for new artificial intelligence offerings.
The Denver-based data analysis company said Thursday it expects adjusted operating income for the year in the range of $607 million to $611 million, beating an average of analyst estimates of $577 million. The company also said it expects 2023 revenue of about $2.22 billion, narrowly outpacing analyst expectations. The stock rose as much as 23%, to $18.30, its biggest intraday gain since May.