Palantir Technologies said on Monday it expects to turn a profit every quarter in 2023, betting on interest 'unlike anything we have seen' in its new artificial intelligence platform, sending its shares up about 20% in extended trading.
The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. REUTERS/Arnd Wiegmann/File Photosaid on Monday it expects to turn a profit every quarter in 2023, betting on interest "unlike anything we have seen" in its new artificial intelligence platform, sending its shares up about 20% in extended trading.
"Investors will be pleased not only with the better-than-expected results for the quarter, but also the guidance for profitability as well as the recent AI initiatives," said D.A. Davidson & Co analyst Gil Luria. Palantir's first-quarter revenue rose 18% to $525.2 million and adjusted profit stood at 5 cents per share, both above estimates.
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