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Palantir Technologies Inc (NYSE: PLTR) is trading up in extended hours on Monday after reporting upbeat earnings for its fiscal fourth quarter.

Palantir stock up on solid future guidance

The stock is being rewarded also because the management issued strong guidance for the future.

Palantir now forecasts its revenue to fall between $612 million and $616 million in its current financial quarter – roughly in line with Street estimates. Alex Karp – its chief executive said in a letter to shareholders today:

 

Our results reflect strength of our software and surging demand we’re seeing for artificial intelligence platforms, including LLMs that are capable of integrating with existing technical infrastructure.

The New York listed firm expects its U.S. commercial business to grow by at least 40% in 2024. Palantir stock has more than doubled in the trailing twelve months.

Notable figures in Palantir Q4 earnings report

• Earned $93 million versus the year-ago $33 million
• Per-share earnings also climbed from a cent to 4 cents
• Adjusted EPS printed at 8 cents as per the press release
• Revenue jumped 20% year-over-year to $608 million
• Consensus was 8 cents a share on $603 million in revenue
• U.S. commercial customer count went up 55% to 143

Palantir expects artificial intelligence to eventually deliver a huge boost to the U.S. economy. Its CEO Karp also said on Monday:

Demand for LLMs from commercial institutions in U.S. continues to be unrelenting. Our momentum with AIP is now significantly contributing to new revenue and new customers.

Wall Street currently has a consensus “hold” rating on Palantir stock.

Can’t say $PLTR is just a government centric company anymore. 40% commercial revenue growth is big.

It’s time for companies to start utilizing AI to improve their business operations, chat bots are cool but they don’t affect the bottom line like Palantir can.

🔥

— Za (@ZaStocks) February 5, 2024

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