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.
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