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Palantir Meets Analysts’ Expectations in Q2 2023 Results, PLTR Shares Up 2.67%
American big data analytics holding company Palantir Technologies Inc (NYSE: PLTR) shares closed Monday trading at $17.99, down 1.15 percent from the day’s opening price. However, the PLTR shares gained approximately 2.67 percent during the after-hours to trade at about $18.47. The sudden gain in Palantir Technologies stock was attributed to the Q2 2023 earnings results that narrowly met analysts’ expectations. Notably, the company announced adjusted earnings per share of about 5 cents versus 5 cents expected by analysts surveyed by Refinitiv. Additionally, Palantir Technologies announced revenue of $533 million versus the $533 million expected by analysts according to a survey conducted by Refinitiv.
Amid the Artificial Intelligence (AI) hype, Palantir CEO Alex Karp told shareholders through a letter that it released the Artificial Intelligence Platform (AIP), which allows large language models to operate within the confines of the enterprise and on privately held data. Reportedly, the AIP has users across more than one hundred organizations, including some of the largest enterprises in the world from the healthcare, finance, automotive, and energy sectors.
“The demand for AIP is unlike anything we have seen in the past twenty years. We are currently in discussions with more than three hundred additional enterprises to deploy AIP within their organizations, all of which are searching for an effective and secure means of adapting the latest large language models for use on their internal systems and proprietary data,” Karp noted in the letter.
Palantir Technologies in Q2 2023
During the second quarter that ended on June 30, 2023, Palantir Technologies reported a net income of about $28 million, which represented 1 cent per share, compared to a net loss of approximately $179 million or about 9 cents per share during the same quarter a year ago. Having reported almost a year of profitability, the company anticipates being included in the S&P 500, more so after it reports its third-quarter earnings in November.
Moreover, the company anticipates reporting revenue of between $553 million and $557 million during the third quarter, ahead of the $552 million expected by analysts. Notably, the company announced that it expects the third quarter’s adjusted income from operations to come in between $135 million and $139 million.
Ultimately, Palantir Technologies expects to report full-year revenue of over $2.212 billion, whereas analysts surveyed by Refinitiv expected $2.209 billion. Additionally, the company lifted its forecast for adjusted income from operations for the full year to more than $576 million, compared with a range of $506 million to $556 million in May.
During the first half of the year, the company announced a revenue of about $1.1 billion, thus managed to conduct a share buyback program of up to $1 billion.
Palantir Meets Analysts’ Expectations in Q2 2023 Results, PLTR Shares Up 2.67%
