Palantir Technologies (NYSE: PLTR) saw a significant surge in its stock price this week, with an increase of up to 47.5%, according to data from S&P Global Market Intelligence. By the end of the week, the stock was still up by 43.2%.
The company’s better-than-expected results initially drove the data analytics and artificial intelligence (AI) systems pioneer higher. Additionally, Wall Street’s issuance of new, higher price targets further boosted the stock.
Impressive Performance
In the fourth quarter, Palantir reported revenue of $608 million, a 20% increase year over year (and 9% sequentially). The surge in robust U.S. commercial revenue, which increased by 70%, drove these results.
The company also achieved record net income, marking its fifth consecutive profitable quarter under generally accepted accounting principles (GAAP). This led to adjusted earnings per share (EPS) of $0.08.
The sales exceeded Wall Street’s expectations,…
2024-02-09 20:06:00
Link from finance.yahoo.com