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Palantir Earnings, Revenue Top Estimates On Strong Commercial Growth
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Palantir Technologies (
PLTR) on Monday reported first-quarter earnings and revenue that topped Wall Street targets. PLTR stock popped, even though its June-quarter revenue outlook came in below expectations.
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The maker of data analytics software reported results after the market close. For the period ended March 31, Palantir earnings on an adjusted basis were 5 cents. Revenue rose 18% to $525 million, the maker of data analytics software said.
Analysts had predicted earnings of 4 cents a share on revenue of $506 million. Denver-based Palantir said government revenue rose 20% to $289 million, in line with estimates. Commercial revenue climbed 15% to $236 million, topping estimates of $217 million.
PLTR stock popped 12.5% to 8.71 on the
stock market today.
Using generally accepted accounting principles, or GAAP, Palantir said it had net income of $17 million in the March quarter.
Palantir Stock: Sales Guidance Light
For the current quarter ending in June, Palantir predicted revenue of $530 million vs. estimates of $537 million.
PLTR stock had advanced 15% thus far in 2023 heading into the Palantir earnings report.
Palantir stock holds a Relative Strength Rating of 26 out of a best-possible 99, according to
IBD Stock Check-up.
Also, Palantir gets nearly 60% of revenue from government agencies. They use Palantir software for intelligence gathering, counterterrorism and military purposes. In addition, the software maker has expanded into the health care, energy and manufacturing sectors.