Palantir lifts annual forecast after Q1 revenue tops estimates

Investing.com - Palantir Technologies lifted its forecast on annual guidance Monday after reporting quarterly revenue that topped Wall Street estimates as the big data analytics company's new contract wins bossted performance amid the ongoing artificial intelligence boom.

Palantir Technologies Inc (NYSE: PLTR) fell more than 7% in afterhours trading following the report.

In Q1, Palantir reported adjusted earnings of $0.08 a share, up from $0.05 a a share a year earlier, while revenue was up 21% to $634.3 million. That compared with analysts estimates for adjusted EPS of $0.08 on revenue of $615.3M.

The climb in revenue was led by new contract wins, with commercial revenue up 27% to $299M and government revenue rose 16% to $335M amid a 42% jump in the number of customers in the quarter from a year earlier.

For Q2, adjusted income from operations was guided between $209M to $213M on revenue in a range of $649M to $653M, which is above analyst forecasts for revenue of $642.9M.

Looking ahead, the company said it now expects its revenue for 2024 in a range of $2.68B to $2.69B, while adjusted operating income is expected to be $868M to $880M. That was up from a prior forecast for revenue between $2.65B to $2.67B.

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