Palantia surpasses sales due to AI demand and stock prices rise 19%

Palantia announced fourth quarter results that surpassed analysts' expectations, and surged more than 19% due to overtime trading on Monday. The full year guidance for 2024 was almost in line with Wall Street's predictions.

Financial results:

Earnings per share:Adjusted 8 cents versus expected 8 cents

turnover: $684 million versus forecast $62.4 million

Fourth quarter sales were 684 million dollars, up 20% from 586 million dollars in the same period last year.

Net profit was 93.4 million dollars (4 cents per share) compared to 30.9 million dollars (1 cent per share) in the same period last year.

Alex Carp, CEO of Palantia, said in a letter to shareholders that the company's business expansion and growth is “greater than ever before,” and demand for large-scale language models in the US in particular “continues uninterrupted.”

Palantia is developing an artificial intelligence platform (AIP), and according to Carp, nearly 600 pilot tests using this technology, which were less than 100 in 2022, were carried out in 2023.

“Our performance reflects both the strength of our software and the rapid increase in demand across industries and sectors for artificial intelligence platforms,” Carp wrote.

Palantia anticipated sales of 612 million dollars to 616 million dollars for the first quarter, and sales for the full year from 2.65 billion dollars to 2.67 billion dollars. On Wall Street, the first quarter was expected to be 617 million dollars, and the full year was expected to be 2.66 billion dollars.

Palantia, known for its defense and intelligence activities with the US government, announced that US commercial profits had increased 70% compared to the same period last year. According to Palantia, the number of commercial customers in the US increased 55 percent from 143 to 221.

In the previous fiscal year, Palantia recorded a surplus for 4 consecutive quarters.