Palantir’s Earnings Beat forecasts, but stock falls as outlook disappoints

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On the basis of the performance in its commercial business, Palantir Technologies (PLTR) posted profits and sales for the first quarter that were improved above what was anticipated. The artificial intelligence (AI) software maker’s forecast failed to please investors, according to reports that investors may have been hoping for additional information. As a result, the company’s shares tumbled by more than six percent during extended trading on Monday.

The sales of the firm for the first quarter of 2024 was $634.34 million, which represents a 21% rise from the same time the previous year and is more than what experts had anticipated. The company’s diluted earnings per share (EPS) came in at 4 cents, which is an increase from 1 cent a year ago. The net income for the quarter was $105.53 million, which is a 17% rise from the previous year’s quarter. The estimations that were produced by Visible Alpha indicate that both earnings measures exceeded the forecasts that were made by analysts.

It was revealed by Palantir that its commercial sales increased by 27% year-over-year to $299 million, which was higher than the forecasts of $290.4 million made by analysts. The software company’s government revenue, which accounts for the bulk of the company’s sales, was $335 million, representing a 16% increase over the same time in the previous year. The United States government was responsible for $257 million of the total government income figure.

Palantir has boosted its full-year revenue projection to between $2.68 billion and $2.69 billion, which is a tiny increase from the prior range of between $2.65 billion and $2.67 billion. This development comes despite the fact that the company has exceeded the expectations of analysts and beyond its own first-quarter outlook.

At 5:30 p.m. Eastern Time on Monday, Palantir shares were trading at $23.61, a decrease of 6.1% from their previous price.

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