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.
"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. The customers include "one of the largest insurance companies in the world" and supply chain and security customers, Chief Revenue Officer Ryan Taylor told Reuters.
The strong first quarter was driven by a 26% rise in commercial revenue, rising more than expected, said RBC Capital Markets analyst Rishi Jaluria.