Palantir Technologies (PLTR.US) stock is rallying today after the company released Q1 earnings yesterday and provided an upbeat outlook. Company not only reported an unexpected profit for January-March 2023 period but also managed to beat revenue and operating profit expectations. Palantir said that demand for Artificial Intelligence tools and software is unprecedented and that it expects its now AI tool, that is designed to help governments better analyze databases with sensitive information, to enjoy very large interest. In fact, Palantir said that it has already made hundreds of conversations with potential partners and that it is working out details of pricing for a new product. The first version of a new product will be offered to select customers as soon as this month.
Expectations of a significant demand for a new product and overall improvement in business caused Palantir to issue an upbeat forecast for Q2 2023 and full-2023. Most importantly, Palantir now expects to report positive net income in each quarter of this year and make 2023 its first profitable year on the record.
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Create account Try a demo Download mobile app Download mobile appQ1 2023 earnings highlight
- Revenue $525 million vs $506.1 million expected
- Adjusted operating profit $125.1 million vs $94.8 million expected
- Adjusted EPS $0.05 vs $0.038 expected
- Adjusted Ebitda $131.1 million vs $99.3 million expected
- Adjusted operating margin 24% vs 18.6% expected
- Adjusted free cash flow $188.9 million
- Operating profit $4.12 million
- EPS: $0.01
Q2 2023 guidance
- Revenue: $528 - $532 million
- Adjusted operating income: $118 - $122 million
- Positive net income
Full-2023 guidance
- Revenue: $2.185 - $2.235 billion
- Adjusted operating income: $506 - $556 million.
- Positive net income in each quarter
Shares of Palantir Technologies (PLTR.US) are rallying today, with stock jumping over 20%. Bulls are trying to push the price above the resistance zone ranging below $9.30 mark, which has recently acted as the upper limit of the trading range. A textbook range of the upside breakout from this range suggests a possibility of an upward move towards as high as $11.60. Source: xStation5
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