Palantir Technologies Inc. PLTR had a “game changer” quarter, according to Wedbush Securities analyst Dan Ives, who said that the AI revolution has officially started, making Palantir a top player in the field.
What Happened: Ives took X to express his thoughts on Palantir’s recent performance. He wrote, “This was a game changer quarter for the Messi of AI Palantir to prove its AIP solution is monetizing AI and the AI revolution has begun. This is one of the best barometers of AI demand globally as use cases are exploding for Palantir. One of best pure play AI names in the market.”
Palantir CEO, Alex Karp, also warned of potential conflicts in the Middle East. This warning came after Palantir’s second-quarter earnings report, which showed a 27% year-over-year increase in total revenue, driven by a 41% rise in customer count, particularly in the U.S. commercial sector.
Why It Matters: Palantir reported second-quarter earnings on Monday, posting a revenue of $678.13 million, surpassing the consensus estimate of $652.1 million.
The company’s revenue surge was driven by a 55% growth in U.S. commercial revenue and a 23% rise in government revenue.
Cathie Wood’s Ark Invest also showed confidence in Palantir by making significant trades in the company’s shares amid a market downturn.
Price Action: Palantir closed at $24.09 on Monday, down 2.63% for the day. However, in after-hours trading, the stock surged by 12.16%. Year to date, Palantir stock has gained 45.30%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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