Why Palantir Stock Is Up Today
Palantir Technologies (NYSE: PLTR) reported a slight beat in its most recent quarter, and said it expects to be profitable for the rest of the year, thanks to strong demand for its artificial intelligence (AI) software. Investors are cheering the results, sending Palantir shares up 20% on Tuesday morning.
Predictive software is Palantir's calling card, so it is no surprise to see the company among the beneficiaries of the AI trend. Palantir makes advanced data analytics tools that help corporate and government customers sort through data, and is famously credited for helping the Pentagon locate Osama bin Laden.
The company reported first-quarter earnings of $0.05 per share on revenue of $525.2 million, beating Wall Street expectations for a $0.04 per-share profit on sales of $505.6 million. The company was profitable on a generally accepted accounting principles (GAAP) basis for the second consecutive quarter, a trend management expects to continue through the rest of 2023.
Source Fool.com
