Palantir’s (NYSE:PLTR) revenue for the quarter increased 18% year over year, and its U.S. commercial revenue grew 12%.
The software company, which is known for its work with the government, said its US commercial customer count increased 79% year over year, growing from 80 customers to 143.
The company also reported its first ever quarter of positive net income on a GAAP basis, at $31 million.
“With this result, Palantir is profitable,” CEO Alex Karp said in the release.
“This is a significant moment for us and our supporters.”
Palantir said it expects to report between $503 million and $507 million in revenue during its first quarter, and between 2.18 billion and 2.23 billion for the full year.
In a letter to shareholders, Karp said the company expects to generate profit for the current fiscal year, which would mark Palantir’s first profitable year in the company’s history.
He said a substantial U.S. commercial business has emerged at Palantir in the last two years, and that it reflects the “unrelenting demand” from customers.
In 2018, Palantir generated a total of $38 million from its commercial U.S. business, but as of 2022, it generated $335 million, Karp said.
“When we were just starting out, many doubted our ability to evolve beyond anything more than a specialty provider of software to a handful of government customers, let alone generate meaningful revenue from the government sector as a whole,” Karp wrote.
“They were wrong.”
Palantir Stock 2023
Today, PLTR stock is up more than 55% year-to-date.
The analytics company has surged nearly 28% in the past five trading days.
News of its profitability caused stocks to rise.
CNN Money is currently forecasting Palantir stock to soar up to $15 per share in 2023, or another 50% from its current share price.
The consensus among 17 analysts is hold, though I expect this to change as the company continues to report quarterly profits throughout the year.
Congratulations to PLTR shareholders.
Palantir is now officially a profitable company.
What is your PLTR stock price prediction for 2023?
Leave your thoughts below on what this means to you.
Also Read: Amazon Studios is Now Contributing to the Movie Theatre Industry
Market News Published Daily
For more stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.
Franknez.com is the media blog that keeps retail investors informed.
You can also follow me on Twitter, Instagram, Facebook, or LinkedIn for daily posts.
You can now read exclusive FrankNez articles for only $1/mo.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
About The Author
Which company is next to be profitable? Leave your thoughts below.