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☆ Palantir raises annual revenue forecast on AI strength; shares surge
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: +2 min

Alex Karp, CEO of Palantir Technologies poses beside the company's logo ahead of an interview with Reuters in the Alpine resort of Davos, Switzerland May 23, 2022. Palantir Technologies raised its annual revenue forecast for the second time this year on Monday, the latest sign that the generative AI boom is driving demand for its software services. The company co-founded by billionaire Peter Thiel now expects annual revenue between $2.74 billion and $2.75 billion, compared with $2.68 billion to $2.69 billion expected earlier. It also raised its annual revenue expectation from U.S.-based companies by $11 million, to $672 million. The company forecast third-quarter revenue between $697 million and $701 million, compared to analysts' average estimate of $679.1 million, according to LSEG data.

Persons: Alex Karp, Peter Thiel, Ryan Taylor, Reuters Palantir, Karp Organizations: Palantir Technologies, Reuters, Big Tech, Microsoft, Palantir Locations: Davos, Switzerland

The new generative AI platform was launched two weeks ago and works on the same technology that's behind ChatGPT. The first iteration of the AI platform will be made available to some customers this month, Palantir CEO Alexander Karp said, adding the new offering can assist militaries in targeting enemies. Palantir's first-quarter revenue rose 18% to $525.2 million and adjusted profit stood at 5 cents per share, both above estimates. Palantir continues to tighten its cloud spending and is investing in focus areas like AI, said finance chief David Glazer. The company forecast second-quarter revenue of $528 million and $532 million, below estimates of $536.2 million, per Refinitiv data.

May 8 (Reuters) - Data analytics software maker Palantir Technologies (PLTR.N) said on Monday it expects to turn a profit every quarter in 2023 weeks after launching its new artificial intelligence platform, sending its shares up about 28% in extended trading. Palantir's new generative AI platform works on the same technology that's behind ChatGPT. The interest in the new offering has been "unlike anything we have seen", CEO Alexander Karp said in a letter to shareholders, adding the AI platform can assist militaries in targeting enemies. The company forecast second-quarter revenue in the range of $528 million and $532 million, below estimates of $536.2 million, per Refinitiv data. Palantir continues to tighten its cloud spending and is investing in focus areas like AI, said Glazer.

☆ Palantir expects 2023 to be first profitable year, sees AI driving growth
▼ + stars: | 2023-02-13 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

The move underlines a trend of greater frugality by tech firms after rapid hiring during the pandemic left them with a bloated workforce. The demand weakness, however, weighed on Palantir's 2023 revenue forecast, which at between $2.18 billion and $2.23 billion was below the $2.29 billion estimated by analysts, according to Refinitiv. That revenue is expected to nearly halve in the first quarter to $16 million from a year earlier. "There are many different ways we can integrate with technologies like ChatGPT and apply those technologies to our customers data," said Chief Revenue Officer Ryan Taylor. Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Palantir expects 2023 to be first profitable year, shares soar
▼ + stars: | 2023-02-13 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Palantir Technologies (PLTR.N) on Monday forecast its first profitable year and said it had slowed hiring, cut stock-based payouts and reduced cloud computing investments in response to lower spending from recession-wary businesses. The company forecast 2023 revenue between $2.18 billion and $2.23 billion, below the $2.29 billion estimated by analysts, according to Refinitiv. Still, a jump in defense contracts following Russia's invasion of Ukraine helped fourth-quarter revenue beat estimates with a rise of 18% to $509 million. Palantir signed deals with defense contractor Lockheed Martin (LMT.N) and the UK military in the period. Excluding items, Palantir earned 4 cents per share, compared to estimates of 3 cents per share.

☆ How Palantir's tech-based patriotism and politics grew into a multi-billion dollar company
▼ + stars: | 2022-10-13 | by ( Cameron Costa | ) www.cnbc.com time to read: +4 min

The data mining and software company got its start with government contracts, and 19 years since its inception, Palantir's government work is still central to its business. At its start, Palantir's business came directly from the FBI, the NSA, and even the CIA, whose venture arm In-Q-Tel was one of the company's earliest backers. For Karp, data and defense are intertwined, and his company's contracts with government agencies reflect a commitment to leveraging technology to bolster the West. Karp founded the company with well-known conservative tech investor Peter Thiel, and the two have publicly sparred over politics and technology. However, even as a $16.7 billion market cap publicly traded company, Palantir's work remains opaque.

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