A new member of the S&P 500 since September, Palantir Technologies dominates the American index head and shoulders thanks to a jump of 22.18% to 50.63 dollars. The data analytics software company revealed better-than-expected results and raised its annual targets for the third time this year. “We absolutely tore everything apart this quarter, driven by unabated demand for AI. This is a U.S.-led AI revolution that has come into its own, ” said Alexander C. Karp, co-founder and chief executive officer of Palantir.
“The world will be divided between those who have AI and those who don’t.”
In the third quarter, the data analytics software company reported net profit, group share, up 20% to $143.5 million, or 6 cents per share. It came in at 10 cents per share on an adjusted basis, beating the Bloomberg consensus of 9 cents. Adjusted operating income increased 38% to $275.5 million. Its revenues increased 30% to $725.52 million, beating market expectations: $703.70 million.
Palantir more optimistic about its prospects
In the fourth quarter, Palantir expects revenue between $767 million and $771 million and adjusted operating income between $298 million and $302 million.
Palantir Technologies has once again raised its annual targets. It targets revenues between $2.805 and $2.809 billion for adjusted operating income of between $1.054 and $1.058 billion. Wall Street is targeting $2.76 billion.
The technology group previously expected revenues between $2.742 and $2.750 billion for adjusted operating profit of between $966 and $974 million.
