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Palantir Jumps As Demand For AI Soars

Palantir Technologies Inc. said that demand for its artificial intelligence products was driving sales, and gave a higher-than-expected profit outlook for 2024.

The company’s shares climbed more than 15% in after-hours trading.

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The Denver-based software and analysis company said it expects adjusted income from operations of $834 million to $850 million for this year. Analysts, on average, had expected $760.3 million, according to estimates compiled by Bloomberg.

Palantir also reported 2023 net income of $210 million, its first year of being profitable, Palantir Chief Executive Officer Alex Karp said in a letter to shareholders. The results exceeded analyst estimates of $194.5 million.

“Our commercial business is exploding in a way we don’t know how to handle,” Karp said in an interview Monday when the company reported financial results. “We don’t know what to do with the onslaught of demand.”

The company said revenue in the fourth quarter increased 20% to $608 million. Analysts had expected $603 million.

Palantir’s shares rose as much as 20% in premarket trading in New York on Tuesday after closing at $16.72. The stock has roughly doubled in the past 12 months.

Image: Palantir