Palantir Technologies Inc. shares jumped over 23% after the company reported fourth-quarter earnings and revenue that beat Wall Street expectations. The software company, known for its work with defense agencies, attributed its strong performance to the use of artificial intelligence (AI). CEO Alex Karp highlighted the company's position at the forefront of the AI revolution and its early insights into the commoditization of large language models. Palantir also provided upbeat guidance for the full year, forecasting sales above analyst estimates.
Shares surged more than 23% on the strong results and outlook.Follow your favorite stocksAlex Karp, chief executive officer of Palantir Technologies Inc., during a Bloomberg Technology television interview during the FoundryCon event in Palo Alto, California, US, on Thursday, March 7, 2024.shares surged as much as 23% in extended trading on Monday after the software company reported fourth-quarter earnings and revenue that surpassed Wall Street's estimates.14 cents, adjusted vs.
"Our business results continue to astound, demonstrating our deepening position at the center of the AI revolution," Karp said in the earnings release. "Our early insights surrounding the commoditization of large language models have evolved from theory to fact." Palantir said its U.S. commercial revenue grew 64% from a year ago to $214 million, while U.S. government revenues rose 45% year over year to $343 million. The company said its expects U.S. commercial sales to grow 54% to about $1.08 billion in 2025.
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