Why Palantir Technologies Stock Is Up Again Today
A post-earnings rally in Palantir Technologies (NYSE: PLTR) shares extended to a second day, with the stock up as much as 5.6% on Wednesday morning. The release of fourth-quarter results provided a double-digit boost to the stock, and even after a day to digest some Wall Street criticism of the numbers investors are still pouring into the shares.
After markets closed on Monday, Palantir announced fourth-quarter earnings and revenue that beat expectations. The results were the first time since Palantir went public in late 2020 that it has achieved profitability according to generally accepted accounting principles (GAAP), and management sees more of the same for 2023. Palantir also is making efforts to reduce its reliance on stock-based compensation, a major complaint from bears.
Palantir makes advanced data analytics tools that help corporate and government customers organize and get the most from their data, and famously was credited with helping the Pentagon locate Osama bin Laden. The stock captured investor imagination when it first went public, but has fallen more than 75% from its initial highs as growth and profitability haven't come in as expected.
Source Fool.com
