Why Palantir Technologies Was Blasting Higher This Week
Palantir Technologies (NYSE: PLTR) stock seemed to be on track to land in positive territory this week. Following the very positive investor and analyst reaction to its latest set of quarterly results, the next-generation data analytics company saw its share price balloon by 18% week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence.
After delivering a double beat on its second quarter, in results published after market hours Monday, Palantir stock seemed destined to cruise over the next few days. It managed to post a robust 27% year-over-year increase in revenue to more than $678 million, and a much higher (85%) increase in non-GAAP (adjusted) net income; this hit $221 million, or $0.09 per share. In addition to these encouraging growth numbers, management also raised its full-year revenue forecast.
Both headline figures landed above the consensus analyst estimates. Collectively, those pundits were expecting slightly over $653 million on the top line, filtering down to a $0.08 per share adjusted net income figure.
Source Fool.com
