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Palantir surges as AI to power growth after ‘most significant’ profit

FILE PHOTO: The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland January 22, 2020. REUTERS/Arnd Wiegmann/File Photo/File Photo/File Photo

Palantir (PLTR.N), which posted a fourth consecutive quarterly profit on Thursday due to corporate demand for its data analytics services, hinted on Thursday that its artificial intelligence solutions will support growth in the last three months of 2023.

After a roughly 20% increase in the company’s shares, CEO Alex Karp declared that the profit was the “most significant” in the company’s 20-year history and that it was now qualified to be included in the S&P 500.

A stock index addition typically sparks a wave of demand for shares.

According to LSEG data, Palantir forecasts sales for the fourth quarter of $599 million to $603 million, with the midpoint of that range above analysts’ predictions of $600.5 million.

The “boot camps” the firm introduced in October to allow clients to use its AI platform for one to five days have generated much interest, encouraging future demand. Chief Revenue Officer Ryan Taylor told Reuters, “We’re on track to conduct boot camps with 140 organizations by November-end, and half of those will take place that month.”

According to Taylor, Palantir’s AI platform users nearly quadrupled between July and September. Nonetheless, there were indications in its third-quarter profits that its core government-focused sector was slowing down in growth.

Government customer revenue increased by 12%, less than anticipated and less than the 15% rise in the prior quarter. Palantir attributed the shortage to government budgetary limitations but said demand is still strong given the geopolitical unrest.

According to RBC Capital Markets analyst Rishi Jaluria, until Palantir demonstrates unique generative AI capabilities, the stock will not be able to hold its gains.

Palantir’s overall revenue increased by 17%, just above predictions, thanks to a 23% increase in its commercial revenue, which includes corporates, to $251 million. The adjusted profit per share of 7 cents was consistent with the 6-cent projection.

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