Palantir Stock Soars on Revenue and Earnings Beat
Key Points
- Palantir Technologies Inc. (PLTR) reported a larger-than-expected revenue growth in the fourth quarter of 2022.
- The company also reported a surprise profit, reversing a year-earlier loss.
- Palantir's stock price jumped approximately 13% in premarket trading on February 16, 2023, following the release of its financial results.
Financial Results
Palantir reported fourth-quarter revenue of $509 million, a 18% increase year-over-year and above the consensus estimate of $498 million. The company's total revenue for 2022 was $1.91 billion, a 22% increase from the previous year.
Palantir also reported a net income of $31 million in the fourth quarter, compared to a net loss of $156 million in the same period a year ago. The company's earnings per share came in at $0.02, beating the consensus estimate of a loss per share of $0.02.
Market Reaction
The market reacted positively to Palantir's financial results. In premarket trading on February 16, 2023, the company's stock price jumped approximately 13% to $10.15 per share. Palantir's stock price has been volatile in recent months, but it has been trending upwards since the beginning of 2023.
Outlook
Palantir is optimistic about its future prospects. The company expects its revenue to grow between 19% and 23% in 2023, and it expects to achieve profitability on a full-year basis.
Palantir's management team is confident in the company's ability to continue to grow its revenue and improve its profitability. The company is investing in new products and expanding its sales force in order to capture a larger share of the market for data analytics software.
