What's Going On With Palantir Technologies Stock Today?

Palantir Technologies PLTR shares are trading higher today. Last week, the company reported first-quarter financial results and issued soft guidance. 

Revenue rose 21% year-over-year to $634 million, which beat the consensus estimate of $625.431 million, according to Benzinga Pro. Palantir reported adjusted EPS of $0.08, which was in line with analyst estimates. The company has now delivered six straight quarters of GAAP profitability.

Palantir expects second-quarter revenue to be between $649 million and $653 million versus the current street view of $651.21 million. Earlier last week, the analyst consensus was $653.25 million, marking the company’s second-quarter forecast slightly below the street view.

Recently, the company also raised its full-year 2024 guidance for revenue of $2.677 billion-$2.689 billion (vs. current estimates of $2.701 billion). Earlier, when the company announced its first-quarter results, the analyst estimate for full-year revenue was $2.71 billion.

Palantir also raised its U.S. commercial revenue outlook to more than $661 million, representing growth of at least 45%. 

The company expects the U.S. commercial business, which accounted for 24% of the revenue last quarter, to remain one of the most significant growth drivers in the near term.

Palantir aims to make its Artificial Intelligence Platform (AIP) the most dominant infrastructure in the market and drive the effective deployment of artificial intelligence and large language models across institutions.  

Related: AI Revolution ‘On the Doorstep:’ The ‘Tidal Wave’ Is Well Underway, Analyst Says

Several analysts raised the price target on the stock following the earnings release.

Also Read: Government Surveillance Contractor Palantir’s AI Tactics Under Microscope By Wall Street Analysts: Must ‘Demonstrate’ Growth To Justify Valuation

Price Action: PLTR shares are up 2.29% at $21.42 at the last check Tuesday.

Image via Shutterstock