Palantir Technologies on Monday forecast its first profitable year and said it had slowed hiring, cut stock-based payouts and reduced cloud computing investments in response to lower spending from recession-wary businesses.
Palantir executives also enthused over AI on an interview, saying the rise of ChatGPT was proving to be a bright spot for the sector and would help its business in 2023.
Still, Palantir's stock was up too much considering fourth-quarter profitability was driven by "below the line" adjustments like interest income and the quarter itself was in-line with expectations, RBC analyst Rishi Jaluria said.
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