Why Palantir Technologies Stock Soared Today
Shares of Palantir Technologies (NYSE: PLTR) were up 18.6% as of 1 p.m. ET Thursday after the data analytics software company announced better-than-expected quarterly results and strong forward guidance.
Palantir's revenue grew 17% year over year in the third quarter to $558.2 million, and it booked GAAP net income of $71.5 million, or $0.03 per share, swinging into the black from a loss of $0.06 per share in the year-ago period. On an adjusted (non-GAAP) basis, Palantir delivered earnings of $155 million, or $0.07 per share. Analysts, on average, were only expecting adjusted earnings of $0.06 per share on revenue of about $555 million.
In his quarterly letter to shareholders, Palantir CEO Alex Karp noted the company is now eligible for inclusion in the S&P 500 -- "a milestone that we have been working toward and knew was within reach." Still, Karp added that the company's "focus on profitability ... will not interfere with our broader ambition and the growth of our business overall."
Source Fool.com
