February 15, 2023: -On Monday, the shares of Palantir popped by 19% in extended trading after the company released fourth-quarter revenue that beat analysts’ measurements on top and bottom lines.
Palantir’s earnings for the quarter surged 18% every year, and its U.S. commercial revenue increased by 12%. The software company, known for its work with the government, said its U.S. retail customer count increased 79% yearly, rising from 80 customers to 143.
The company also reported its first-ever quarter of positive net salary on a GAAP basis, at $31 million.
“With this outcome, Palantir is profitable,” CEO Alex Karp said in the release. “This is a significant moment for our supporters and us.”
Palantir said it anticipates reporting between $503 million and $507 million in earnings during its initial quarter and amid 2.18 billion and 2.23 billion for the entire year.
In a letter to shareholders, Karp stated that the company anticipate generating profit for the current financial year, marking Palantir’s first profitable year in the firm’s history.
He said a substantial U.S. commercial firm has emerged at Palantir in the previous two years, reflecting the “unrelenting demand” from customers. In 2018, Palantir shared a total of $38 million starting from its commercial U.S. firm, but as of 2022, it started $335 million, Karp said.
“When we were just beginning, many doubted our capacity to evolve beyond anything more than a speciality provider of software to a handful of administration customers, let alone generate meaningful earnings from the administration sector as a whole,” Karp wrote. “They were wrong.”
The company will hold its call with investors at 5:00 P.M. ET on Monday.
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