Palantir Technologies (NYSE:PLTR) increased its annual guidance on Monday after reporting quarterly revenue that surpassed Wall Street’s expectations, driven by new contract wins amid the surge in artificial intelligence demand. Despite this positive news, Palantir Technologies saw its shares decline over 11% in pre-market today.

For the first quarter, Palantir posted adjusted earnings per share (EPS) of $0.08, an increase from $0.05 a year prior. Revenue rose by 21% to $634.3 million, exceeding analysts’ estimates of $615.3 million. The revenue growth was driven by new contracts, with commercial revenue increasing 27% to $299 million and government revenue rising 16% to $335 million, alongside a 42% year-over-year increase in customer numbers.

For the second quarter, the company expects adjusted operating income between $209 million and $213 million on revenue ranging from $649 million to $653 million, above analysts’ projections of $642.9 million.

Looking ahead, Palantir projects its 2024 revenue to be between $2.68 billion and $2.69 billion, up from the prior forecast of $2.65 billion to $2.67 billion.

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