Palantir shares soar 19 per cent amid rising demand for artificial intelligence technology

Shares in US technology company Palantir jumped 19% after the company released its Q4 2023 financial report. The company beat analysts' revenue expectations amid growing demand for artificial intelligence solutions.

Here's What We Know

Palantir's Q4 revenue rose 20% to $608.4 million, with net income reaching $93.4 million, up from $30.9 million a year earlier.

Palantir CEO Alex Karp highlighted the booming demand for AI technology in the US. The company has about 600 pilot projects based on its AIP platform in 2023, up from less than 100 in 2022.

Palantir expects revenue of $612-616 million in the current quarter and $2.65-2.67 billion in the year-ago period. These numbers are in line with analysts' consensus forecasts.

With 4 consecutive quarters of sustained profitability, Palantir now qualifies for inclusion in the S&P 500 Index.

Source: CNBC