Palantir Q1 Earnings: Revenue Beat And Raise, US Commercial Growth, Continued GAAP Profitability And More
Portfolio Pulse from Adam Eckert
Palantir Technologies Inc (NYSE:PLTR) reported a 21% year-over-year increase in Q1 revenue to $634 million, surpassing estimates. The growth was driven by a 27% increase in commercial revenue and a 40% rise in U.S. commercial revenue. Government revenue grew by 16%. Adjusted earnings were 8 cents per share, aligning with expectations. Palantir has achieved GAAP profitability for six consecutive quarters and reported a 42% increase in customer count. The company raised its full-year 2024 revenue guidance and expects Q2 revenue between $649 million and $653 million. Despite the positive results, PLTR shares dropped 6.04% after hours.
May 06, 2024 | 8:23 pm
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Palantir reported a 21% increase in Q1 revenue, surpassing estimates with strong commercial and government sector growth. Adjusted EPS met expectations, and the company raised its full-year 2024 revenue guidance. Despite the positive financial performance, PLTR shares dropped 6.04% after hours.
Despite Palantir's positive earnings report and raised guidance, the after-hours stock price drop indicates a negative short-term impact. This could be due to market reactions to the earnings details or broader market conditions. The significant increase in revenue and customer count, along with consistent GAAP profitability, underscores the company's strong performance. However, the immediate negative price action reflects investor sentiment and potential concerns not directly addressed in the earnings report.
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