Why Is Palantir Technologies (PLTR) Stock Up 13% Today?

  • Palantir Technologies (PLTR) stock is rising after releasing its latest earnings report.
  • The company beat out earnings per share and revenue estimates for the quarter.
  • It also reported profitability for the first time.
PLTR Stock - Why Is Palantir Technologies (PLTR) Stock Up 13% Today?

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Palantir Technologies (NYSE:PLTR) stock is taking off on Tuesday following the release of the company’s earnings report for the fourth quarter of 2022.

That report includes adjusted earnings per share of 4 cents. This is better than the 3 cents per share Wall Street predicted for the period. It’s also an improvement over the 2 cents per share reported during the same time last year.

Adding to that positive news for PLTR stock is revenue of $508.62 million. Yet again, that beats out analysts’ estimate of $502.25 million for the quarter. It also represents an 18% year-over-year (YOY) increase from $432.87 million.

Alex Karp, co-founder and CEO of Palantir Technologies, said the following in a letter to shareholders.

“We were profitable for the first time in our company’s history last quarter. In Q4 2022, we earned a profit of $31 million. 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.”

PLTR 2023 Guidance

Palantir Technologies says it expects revenue for the full year of 2023 to range from $2.18 billion to $2.23 billion. To put that in perspective Wall Street’s 2023 revenue estimate is sitting at $2.29 billion. The company’s Q1 2023 revenue guidance is $503 million to $507 million compared to analysts’ estimate of $520 million.

PLTR stock is up 13% as of Tuesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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