Palantir Stock Is Surging: The Artificial Intelligence Leader's Q4 Results Are a Game Changer
Palantir Technologies (NYSE: PLTR) published fourth-quarter earnings results after the market closed on Monday and delivered a sales performance that beat the market's expectations. While the company's non-GAAP (adjusted) earnings per share of $0.08 were in line with Wall Street's target, sales of $608.4 million came in better than the average analyst's estimate for revenue of $602.4 million. Investors responded by flocking to the stock as its price surged over 25% within the first hour of the market opening on Tuesday.
The combination of better-than-expected revenue and encouraging forward guidance is powering big gains for the artificial intelligence (AI) stock. Palantir's revenue rose 20% year over year in the fourth quarter. Sales were also up 9% on a sequential quarterly basis. The results came in significantly better than anticipated, and they look even more encouraging given the business's rapidly shifting sales makeup.
Revenue for Palantir's commercial segment grew 32% year over year to hit $284 million. Meanwhile, revenue from U.S.-based private sector customers was up 70% compared to the prior-year period and reached $131 million.
Source Fool.com
