DIRS.INFO The most relevant business & tech news

☆ Exclusive: Shenzhen bourse taps intelligence tech firm as China battles capital market fraud
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +4 min

The Shenzhen Stock Exchange did not respond to Reuters' request for comment. EC Guard declined to be interviewed. The United States in 2019 placed EC Guard on its so-called entity list of companies that are subject to U.S. trade restrictions for reasons such as national security. Using that technology, EC Guard can identify relationships between users helping regulators identify potential illegal activity and also trace a company's ultimate shareholders to ensure they are legitimate owners, the person said. The Shanghai Stock Exchange, the country's largest bourse, stepped up its fight against fraud in December with a new generation of systems that supervise securities trading.

☆ Palantir lands $99.6 mln deal with U.S. State Department
▼ + stars: | 2023-03-08 | by ( Jeffrey Dastin | ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Palantir Technologies Inc (PLTR.N) has won a contract to sell up to $99.6 million worth of software to the U.S. Department of State for monitoring the health of the diplomatic corps, the company told Reuters ahead of a Wednesday announcement. The bureau has sought software to record health incidents, predict risks, manage medical-evacuation missions and handle other tasks, according to a government document. Palantir told Reuters the State Department has already paid the company $10 million as part of the purchase agreement, and it will book the remaining value over the next five years. The Denver, Colorado-headquartered company said the deal continues a pilot dating back to 2021 and other State Department work since 2017. Reporting By Jeffrey Dastin in Palo Alto, Calif.; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Palantir cuts around 2% of its workforce
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Data analytics firm Palantir Technologies (PLTR.N) said on Monday it has cut about 2% of its workforce, joining a raft of U.S. companies that have laid off thousands of workers amid an economic downturn. "To continue to evolve, we are making the tough choice of reducing teams in several areas," the company said. "While less than 2% of our workforce is impacted by these changes, these are incredibly painful decisions but the right ones for the company's future." Palantir, known for its work with the U.S. Central Intelligence Agency, had 3,838 full-time employees as of Dec. 31, 2022. Earlier this month, Palantir had also said it expects 2023 to be the company's first profitable year as it benefits from cost cuts and the artificial intelligence boom.

☆ Palantir to cut about 2% of employees, roughly 75 jobs
▼ + stars: | 2023-02-27 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Palantir confirmed on Monday that it's cutting about 2% of its workforce as layoffs continue to hammer the tech industry. The layoffs will impact roughly 75 people based on the company's latest SEC report in December, which showed it had 3,838 employees. A spokesperson told CNBC that the company plans to continue hiring in areas of strategic importance. Palantir is the latest tech company to announce layoffs as the industry reckons with a slowdown following over a decade of unbridled growth. In January, Google revealed plans to lay off more than 12,000 workers, Microsoft announced plans to cut 10,000 employees and Salesforce said it planned to cut 7,000 jobs.

☆ German police use of software to fight crime unlawful, court says
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 16 (Reuters) - A top German court ruled on Thursday that police use of automated data analysis to prevent crime in some German states was unconstitutional, dealing a win to critics of the CIA-backed Palantir Technologies (PLTR.N) that provides the software. Provisions regulating the use of the technology in Hesse and Hamburg violate the right to informational self-determination under the German constitution, a statement from the constitutional court said. U.S.-based Palantir Technologies makes software for data analytics used by intelligence and law enforcement agencies around the world, according to its website. In comments to the Handelsblatt newspaper, Palantir's strategy chief in Europe, Jan Hiesserich, said the company merely provides the software for processing data, not the data itself. The German Society for Civil Rights (GFF), which brought the case against police data analysis, said Palantir software used innocent people's data to form suspicions and could also produce errors, affecting people at risk of police discrimination.

The tech-heavy Nasdaq (.IXIC) recovered after a weak open, boosted by 4% gains in Tesla Inc (TSLA.O) and Nvidia Corp (NVDA.O). Ten of the 11 major S&P sectors rose, with consumer discretionary (.SPLRCD) and technology (.SPLRCT) leading the gains. "I don't think (this report) moves the needle for the Fed, and I suspect they're taking a hard look at the data. The rally, however, stalled last week on signs of a tight labor market and hawkish commentary from Fed policymakers. Money market traders have priced in at least two more 25 basis point rate hikes this year and see interest rates peaking at 5.2% by July.

☆ Palantir is 'tradeable for the first time in a long time,' says 'Fast Money' trader Guy Adami
▼ + stars: | 2023-02-13 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Palantir Technologies is a promising trade for the first time in a while, according to Private Advisor Group's Guy Adami. Analysts called for earnings of 3 cents per share on revenues of $502 million, according to Refinitiv. It also marked the company's first quarter of positive net income on a generally accepted accounting principles (GAAP) basis. "In an environment where what they're working on is seemingly front and center in everybody's lexicon — I think Palantir for the first time in a long time, is actually tradeable," Adami said Monday on CNBC's " Fast Money ." Adami added that he could see Palantir becoming "an M & A play."

☆ 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.

☆ Shares of Palantir pop 19% as it reports first profitable quarter
▼ + stars: | 2023-02-13 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of Palantir popped more than 19% in extended trading Monday after the company released fourth-quarter earnings that beat analysts' estimates on top and bottom lines. Palantir's revenue for the quarter increased 18% year over year, and its U.S. commercial revenue grew 12%. The company also reported its first ever quarter of positive net income on a GAAP basis, at $31 million. Palantir said it expects to report between $503 million and $507 million in revenue during its first quarter, and between 2.18 billion and 2.23 billion for the full year. In 2018, Palantir generated a total of $38 million from its commercial U.S. business, but as of 2022, it generated $335 million, Karp said.

☆ 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.

☆ Davos 2023: Key takeaways from the World Economic Forum
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +6 min

[1/4] NATO Secretary General Jens Stoltenberg, Poland's President Andrzej Duda and Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland take part in the World Economic Forum session on "Restoring Security and Peace. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 20 (Reuters) - Global leaders and business executives departed a freezing World Economic Forum (WEF) meeting on Friday after a frank exchange of views over how the world will tackle its biggest issues in 2023. Here's what we learned:ECONOMY: Gloom and doom heading into Davos turned into cautious optimism by the end with the global economic outlook for the year ahead looking better than feared. On the inside, political leaders like Kier Starmer railed against new oil investments and Pakistani climate minister Sherry Rehman pushed for loss and damage funding. The lesson I have learned in the last years ... is money, money, money, money, money, money, money."

The layoffs, far larger than cuts by Microsoft last year, add to the tens of thousands of job cuts across the technology sector, which has downshifted following a strong growth period during the pandemic. Nadella said the layoffs, affecting less than 5% of Microsoft's workforce, would conclude by the end of March, with notifications beginning Wednesday. The cuts reflect broader belt-tightening in the technology sector. The CEO of another company serving enterprises, Palantir Technologies Inc (PLTR.N), this week told Reuters that reducing cloud spending was a top-ten priority for his customers. Microsoft's cloud revenues soared in recent years from an explosion in corporate demand to host data online and handle computing in the so-called cloud.

☆ Davos 2023: CEOs buzz about ChatGPT-style AI at World Economic Forum
▼ + stars: | 2023-01-17 | by ( Jeffrey Dastin | ) www.reuters.com time to read: +3 min

DAVOS, Switzerland, Jan 17 (Reuters) - Business titans trudging through Alpine snow can't stop talking about a chatbot from San Francisco. Businesses including CarMax Inc (KMX.N) have already used Microsoft and OpenAI's tech, such as to generate thousands of customer review summaries when marketing used vehicles. Such buzz carried through gatherings at Davos, like talk about a slide-generating bot dubbed ChatBCG after the management consulting firm. loadingGenerative AI is "a game-changer that society and industry need to be ready for," stated an article on the World Economic Forum's website. Reporting By Jeffrey Dastin in Davos, Switzerland; Editing by Kenneth Li and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Palantir CEO predicts hiring while preparing for economic slowdown
▼ + stars: | 2023-01-16 | by ( Jeffrey Dastin | ) www.reuters.com time to read: +2 min

DAVOS, Switzerland, Jan 16 (Reuters) - Palantir Technologies Inc (PLTR.N) is still looking to grow its headcount even as it scrutinizes its spending and confronts economic uncertainty, its chief executive told Reuters. Economists surveyed by the World Economic Forum largely expect a recession this year. Asked about potential cuts, Karp said Palantir was doing well in the United States, United Kingdom and Canada while evaluating spend in slower markets. The top cloud providers are Amazon (AMZN.O), Microsoft (MSFT.O) and Google (GOOGL.O), though Karp said his company is "cloud agnostic." Reporting By Jeffrey Dastin in Davos, Switzerland; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Palantir lands 75 million pound deal with British military
▼ + stars: | 2022-12-21 | by ( Jeffrey Dastin | ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - Palantir Technologies Inc (PLTR.N) has signed a three-year, 75 million pound ($91.39 million) deal with the United Kingdom's Ministry of Defense, the U.S. software company said Wednesday, expanding its overseas military work months into the Ukraine war, Europe's biggest conflict since World War II. Palantir will aid military operations and intelligence, further widening access to its software across the defense ministry after a narrower pilot with the Royal Navy that started years ago. Abundant satellite imagery lets military analysts in little time detect changes on the battlefield, with artificial intelligence software identifying tanks, artillery or other targets. Despite the war, Palantir shares have tumbled like other tech stocks this year, falling by about half since March. ($1 = 0.8207 pounds)Reporting by Jeffrey Dastin; Additional reporting by Paresh Dave; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Wolfe Research downgrades Palantir, says investors should sell before it becomes a sub-$5 stock
▼ + stars: | 2022-12-21 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Sell Palantir Technologies before it falls more than 20% from here, according to Wolfe Research. Analyst Alex Zukin downgraded shares to underperform from peer perform, saying he is losing confidence in a business that has dwindled over the last several years. Shares of Palantir have cratered 65% in 2022, while the S & P 500 has dropped off 19.8%. Meanwhile, growth in the commercial business has dropped to the low double digits, down from mid-20% growth previously. We model total revenue decelerating further, along with continued margin degradation in FY23 as the company continues to invest," Zukin wrote.

☆ Palantir posts slowest revenue growth in two years on sluggish Europe demand
▼ + stars: | 2022-11-07 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Palantir Technologies Inc (PLTR.N) posted its slowest quarterly growth in revenue since going public in 2020 due to weak demand for its data analytics software in Europe, while a strong dollar weighed on its profit, sending its share down 8.5% on Monday. But in the third quarter, revenue from the segment declined nearly 3% to $204 million from the previous three months, raising doubts among Wall Street analysts about sustained revenue from commercial deals amid rising cost of borrowing. Analysts had expected the Ukraine war to draw in more business to Palantir, but finance chief David Glazer said the timing of new government contracts remained uncertain. Palantir said it expects fourth-quarter revenue to be between $508 million and $510 million, excluding a $5 million forex impact. Analysts on average expect revenue at $502.7 million.

☆ Palantir sees upbeat fourth-quarter revenue on U.S. govt business strength
▼ + stars: | 2022-11-07 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Palantir Technologies Inc (PLTR.N) on Monday posted a 22% rise in its quarterly revenue and forecast a better-than-expected fourth-quarter revenue due to renewal and expansion of U.S. government contracts and a growing commercial business. For the third quarter, Palantir's revenue rose 22% to $477.9 million, its slowest growth since it went public in 2020. The company has been diversifying into commercial business to reduce its dependence on uncertain government contracts, with its U.S. commercial business growing 53% in the quarter ended Sept. 30. Excluding a $5 million forex hit, the company now expects fourth-quarter revenue to be between $508 million and $510 million. For fiscal 2022, Palantir said it expects revenue between $1.906 billion to $1.908 billion excluding foreign exchange impact.

☆ Palantir stock falls after slight earnings miss
▼ + stars: | 2022-11-07 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of Palantir fell more than 10% Monday after the company released third-quarter earnings that missed analyst estimates for earnings but beat on revenue. Here's how the company did:EPS: $0.01, adjusted, vs. $0.02 expected by analysts, according to Refinitiv. $0.01, adjusted, vs. $0.02 expected by analysts, according to Refinitiv. Revenue: $478 million vs. $470 million expected by analysts, according to Refinitiv. In a letter to shareholders, Palantir CEO Alex Karp said the company is in the "early stages of a significant transformation."

☆ Dow futures slide 200 points as investors await midterm elections and inflation report
▼ + stars: | 2022-11-06 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

U.S. stock futures fell on Sunday as investors looked ahead to a week packed with the Congressional midterm elections, as well as the latest consumer inflation report. S&P 500 and Nasdaq 100 futures dipped 0.7% and 0.8% respectively. The S&P 500 rose 1.36%, and the Nasdaq Composite was 1.28% higher. A hot inflation report could signal to investors that a pivot from higher interest rates, for longer, could be further away than expected. Corporate earnings season is winding down with a majority of companies in the S&P 500 having reported results.

☆ Earnings playbook: How to trade results from Disney and 3 electric car makers
▼ + stars: | 2022-11-06 | by ( Fred Imbert | ) www.cnbc.com time to read: +9 min

Monday Palantir Technologies is set to report earnings before the bell, followed by a conference call at 8 a.m. Tuesday Disney is set to report earnings after the bell, followed by a conference call at 4:30 p.m. Lucid is set to report earnings after the close, with a management call set for 5:30 p.m. Rivian is set to report earnings after the close, with management holding a call at 5 p.m. Beyond Meat is set to report earnings after the bell, followed by a conference call at 5 pm.

☆ Midterms could be a positive catalyst for stocks as investors await next big inflation report
▼ + stars: | 2022-11-04 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

There are two big hurdles for markets in the week ahead - another potentially hot consumer inflation report and the Congressional midterm elections. "100% of the time, the S & P 500 has been up 12 months after the midterm election." Midterm rallies Stocks tend to gain in the final months of midterm election years, and strategists have been expecting the market to move higher. CFRA Chief Market Strategist Sam Stovall said even when interest rates are climbing, the midterm election has been a catalyst for stocks. He examined market performance in other midterm election years when interest rates were going up.

☆ One simple investing move can set you up for huge returns and a minimal tax bill
▼ + stars: | 2022-11-01 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +6 min

Typically, the money invested in a Roth IRA or Roth 401(k) is post-tax, meaning you've already paid the taxes on the amount contributed. An extreme example of this is investor and Palantir Technologies founder Peter Thiel, who grew a Roth IRA from $2,000 to about $5 billion in about two decades. Rules of conversion Converting assets to a Roth IRA can get around some of the other limitations on the accounts. Investors should also consider the bill they'll have by converting assets into a Roth IRA now. It also usually only makes sense to do a Roth conversion if you see your tax rate increasing in the future.

☆ Cloud Growth Continues Amid Tough Time for Tech
▼ + stars: | 2022-10-27 | by ( Steven Rosenbush | ) www.wsj.com time to read: +3 min

The growth of cloud computing has slowed a bit this year but remains one of the most resilient sectors in a generally tough environment for technology companies. That outpaces overall company sales growth of 15%. Spending on cloud computing “will fluctuate with the broader economic picture,” Mr. Sustar said. People might want to rationalize their cloud spending, but overall cloud growth will continue and be a larger and larger part of the IT budget,” he said. In other words, cloud growth will continue, but it won’t look like a bubble.

☆ Analysis: Cloud Growth Continues Amid Tough Time for Tech
▼ + stars: | 2022-10-27 | by ( Steven Rosenbush | ) www.wsj.com time to read: +3 min

Search resuls for: "Palantir Technologies"

25 mentions found