Palantir Technologies Inc (NYSE:PLTR) stock jumped on Tuesday morning as the ‘big-data’ firm announced its first-ever quarterly profit.
The Colorado-headquartered tech firm, founded by Peter Thiel, has spent recent years amongst the list volatile so-called ‘meme-stocks’ though Monday’s numbers were properly tangible.
Palantir reported US$31 million of net income, versus a US$156 million loss for the fourth quarter of last year, and, also said it expects to be profitable (on a GAAP basis) for 2023 which will be two years ahead of a target set by CEO Alex Karp.
Karp, in a letter to shareholders, said: “Our commitment to and relentless focus on the long term at times has required patience.
“At other times, as our profitability demonstrates, we will deliver results at a rate that surpasses even the expectations of those who believed that we would prevail.”
Palantir grew revenue by 18% in the quarter to US$509 million, vs US$433 million in Q422, coming in slightly above market consensus (which was pitched at US$503 million). Commercial revenue was up 11%, whilst revenue from government clients rose by 23%.
Looking to Q1 2023, the tech firm now expects to see US$503 million to US$507 million of revenue which it highlighted would represent a 20% bump year-on-year. Full year revenue guidance is set at US$2.8 billion to US$2.23 billion.
In New York, Palantir stock is indicated around 13% higher in pre-market exchanges up US$1.02 at US$8.63 per share.