{"id":122504,"date":"2024-11-05T23:55:57","date_gmt":"2024-11-05T16:55:57","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=122504"},"modified":"2024-11-05T23:55:57","modified_gmt":"2024-11-05T16:55:57","slug":"palantir-stock-soars-as-department-of-defense-spending-powers-earnings-beat","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=122504","title":{"rendered":"Palantir stock soars as Department of Defense spending powers earnings beat"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Palantir (<a data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/PLTR\" data-ylk=\"slk:PLTR;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">PLTR<\/a>) stock rose more than 20% early Tuesday after its third quarter <a data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/investors.palantir.com\/news-details\/2024\/Palantir-Reports-Revenue-Growth-of-30-YY-U.S.-Revenue-Growth-of-44-YY-GAAP-EPS-of-0.06-Raises-Full-Year-Guidance-on-Revenue-U.S.-Comm-Revenue-Adj.-Free-Cash-Flow-Adj.-Op.-Income-Above-Consensus-Estimates-on-AI-Demand-that-Wont-Slow-Down\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:earnings;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">earnings<\/a> surpassed expectations thanks to better-than-anticipated spending from the US government on its AI tech.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Global government spending on Palantir\u2019s products, primarily from the US, rose 40% from the prior year to $408 million in the third quarter, accounting for 56% of the company\u2019s total revenue for the period. This was ahead of the $379 million expected for the segment, according to Bloomberg consensus estimates.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Palantir, which makes a range of data mining and analysis software including its Artificial Intelligence Platform (AIP), most recently <a data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-19\/palantir-wins-100-million-us-contract-for-ai-targeting-tech\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:won a $100 million US military contract;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">won a $100 million US military contract<\/a> in September for its AI tools that identify targets for air strikes.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->\u201cThe AI revolution is underway now,\u201d Palantir\u2019s chief revenue and legal officer Ryan Taylor said on a call with investors late Monday. \u201cThe chasm between the AI haves and have-nots is rapidly widening and the whole world is watching.\u201d<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Taylor said Palantir\u2019s US government business saw its \u201cstrongest sequential growth in 15 quarters driven largely by our DoD [Department of Defense] business&#8217; 21% quarter-over-quarter growth.\u201d<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Meanwhile, Palantir&#8217;s revenue from commercial enterprises fell short of expectations, hitting $317 million versus the $317 expected. Its enterprise customers include <a data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/investors.palantir.com\/news-details\/2024\/Palantir-and-bp-Agree-to-5-Year-Strategic-Relationship-With-New-AI-Capabilities\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:oil and gas giant BP;cpos:4;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">oil and gas giant BP<\/a> (<a data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/BP\" data-ylk=\"slk:BP;cpos:5;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">BP<\/a>), <a data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-07\/palantir-adds-general-mills-cbs-and-aramark-as-new-ai-customers?sref=eeq6exxF\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:CBS Broadcasting and General Mills;cpos:6;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">CBS Broadcasting and General Mills<\/a> (<a data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/GIS\" data-ylk=\"slk:GIS;cpos:7;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">GIS<\/a>). The company said sales were impacted by &#8220;a step down in revenue from a government-sponsored enterprise in the Middle East.&#8221; Palantir did not respond to a request for further details from Yahoo Finance.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Overall, the company reported adjusted earnings per share of $0.10 for the quarter, a penny ahead of expectations, on revenue of $725.5 million, which topped the $703.7 million expected by Wall Street analysts.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Palantir shares have rallied more than 190% since the beginning of the year, fueled by a broader boom in artificial intelligence and the <a data-i13n=\"cpos:8;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-26\/us-says-it-used-ai-to-help-find-targets-it-hit-in-iraq-syria-and-yemen?sref=eeq6exxF\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:US government\u2019s growing interest in AI war technologies;cpos:8;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">US government\u2019s growing interest in AI war technologies<\/a>. The stock was added to the S&amp;P 500 in September.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->&#8220;Palantir is among a handful of infrastructure software companies that have started to meaningfully monetize generative AI,&#8221; wrote Deutsche Bank (<a data-i13n=\"cpos:9;pos:1\" href=\"https:\/\/finance.yahoo.com\/quote\/DB\" data-ylk=\"slk:DB;cpos:9;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">DB<\/a>) analyst Brad Zelnick in a note to investors Monday.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->While recognizing Palantir&#8217;s advantages, Wall Street analysts overall have been <a data-i13n=\"cpos:10;pos:1\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-24\/palantir-s-ai-driven-rally-has-gone-much-too-far-for-wall-street?sref=eeq6exxF\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:skeptical of the stock\u2019s surge;cpos:10;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">skeptical of the stock\u2019s surge<\/a>. On average, they see shares falling to $32.81 over the next year, according to Bloomberg data, with roughly half of analysts tracked by Bloomberg recommending to sell the stock. Zelnick himself has a Sell rating on the stock and sees shares falling to $26. Shares stood at roughly $50 on Tuesday morning.<!-- HTML_TAG_END --><\/p>\n<p><button class=\"secondary-btn fin-size-large readmore-button rounded   yf-15mk0m\" data-ylk=\"elm:readmore;itc:1;sec:content-canvas;slk:Story%20Continues\" aria-label=\"Story Continues\" title=\"Story Continues\"> <span>Story Continues<\/span> <\/button> <\/p>\n<div class=\"read-more-wrapper\" style=\"display: none\">\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->RBC Capital Markets analyst Rishi Jaluria said in a note Tuesday morning: &#8220;[W]e continue see the risk-reward skewing unfavorable with shares trading at a premium multiple,&#8221; adding, &#8220;We remain cautious of US Commercial growth sustainability.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Palantir&#8217;s outspoken CEO and co-founder Alex Karp gave a proverbial middle finger to doubters in comments during the company&#8217;s earnings call.<!-- HTML_TAG_END --><\/p>\n<figure class=\"yf-8xybrv\">\n<div class=\"image-container yf-24rror loader\" style=\"--max-height: 640px;\">\n<div class=\"image-wrapper yf-24rror\" style=\"--aspect-ratio: 960 \/ 640; --img-max-width: 960px;\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" alt=\"Palantir co-founder and CEO Alex Karp. (Photo by Stefani Reynolds \/ AFP) (Photo by STEFANI REYNOLDS\/AFP via Getty Images)\" loading=\"lazy\" height=\"640\" width=\"960\" class=\"yf-24rror loader\"\/><\/div>\n<\/div><figcaption class=\"yf-8xybrv\"><!-- HTML_TAG_START -->Palantir co-founder and CEO Alex Karp. (Photo by Stefani Reynolds \/ AFP) (Photo by STEFANI REYNOLDS\/AFP via Getty Images)<!-- HTML_TAG_END -->  <span class=\"caption-separator yf-8xybrv\" data-svelte-h=\"svelte-nxhdlu\">\u00b7<\/span> <span>STEFANI REYNOLDS via Getty Images<\/span><\/figcaption><\/figure>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->\u201c[M]ost people involved in tech innovation now view Palantir as their ally,\u201d Karp told analysts and investors.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->\u201cAnd so instead of going into every meeting saying, \u2018Oh, yes, Palantir is great, but their fearless leader is bat s*** crazy, and he might go off to his commune in New Hampshire,\u2019 whatever they were saying, it&#8217;s now like, yes, the products are the best, and we have great products.\u201d<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Palantir, which was co-founded by conservative tech mogul Peter Thiel, has at times faced backlash for its partnerships with government agencies, including<a data-i13n=\"cpos:11;pos:1\" href=\"https:\/\/www.washingtonpost.com\/business\/2019\/08\/22\/war-inside-palantir-data-mining-firms-ties-ice-under-attack-by-employees\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Immigration and Customs Enforcement;cpos:11;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"> Immigration and Customs Enforcement<\/a> (ICE) and the Israeli Defense Force (IDF).<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Karp\u2019s outspoken, often controversial remarks regarding the Middle East have <a data-i13n=\"cpos:12;pos:1\" href=\"https:\/\/www.theguardian.com\/technology\/article\/2024\/may\/17\/ai-weapons-palantir-war-technology\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:sparked criticism;cpos:12;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">sparked criticism<\/a>, and its role as a <a data-i13n=\"cpos:13;pos:1\" href=\"https:\/\/www.thenation.com\/article\/world\/nsa-palantir-israel-gaza-ai\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:supplier of AI war tech to the IDF;cpos:13;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">supplier of AI war tech to the IDF<\/a> has <a data-i13n=\"cpos:14;pos:1\" href=\"https:\/\/www.cnbc.com\/2024\/03\/13\/palantir-ceo-says-outspoken-pro-israel-views-led-employees-to-leave-.html\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:prompted some employees to leave;cpos:14;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">prompted some employees to leave<\/a> the company.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Karp said on Monday&#8217;s call the company looks to \u201cbring violence and death to our [the United States\u2019] enemies while making targeting and general issues of safety better for our allies and for Americans.\u201d<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START --><em>Laura Bratton is a reporter for Yahoo Finance. Follow her on X <\/em><a data-i13n=\"cpos:15;pos:1\" href=\"https:\/\/x.com\/laurabratton5\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:@LauraBratton5;cpos:15;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"><em>@LauraBratton5<\/em><\/a><em>.<\/em><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START --><a data-i13n=\"cpos:16;pos:1\" href=\"https:\/\/finance.yahoo.com\/topic\/stock-market-news\/\" data-ylk=\"slk:Click here for the latest stock market news and in-depth analysis, including events that move stocks;cpos:16;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"><strong>Click here for the latest stock market news and in-depth analysis, including events that move stocks<\/strong><\/a><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START --><a data-i13n=\"cpos:17;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/\" data-ylk=\"slk:Read the latest financial and business news from Yahoo Finance;cpos:17;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \"><strong>Read the latest financial and business news from Yahoo Finance<\/strong><\/a><!-- HTML_TAG_END --><\/p>\n<\/div><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/finance.yahoo.com\/news\/palantir-stock-soars-as-department-of-defense-spending-powers-earnings-beat-154913086.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Palantir (PLTR) stock rose more than 20% early Tuesday after its third quarter earnings surpassed expectations thanks to better-than-anticipated spending from the US government on its AI tech. Global government &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=122504\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-122504","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/122504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=122504"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/122504\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=122504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=122504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=122504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}