By Ben Glickman
Palantir Technologies' profit rose in the fourth quarter after the company saw a surge in U.S. commercial sales. Stripping out certain one-time items, adjusted per-share earnings came to 8 cents, in line with analysts' estimates.
The Denver-based software company posted a profit of $93.4 million, or 4 cents a share, in the quarter compared with $30.9 million, or 1 cent a share, a year earlier. Analysts polled by FactSet expected per-share earnings of 3 cents.
Revenue rose 20% to $608.4 million, beating the $602.9 million expected by analysts polled by FactSet.
Palantir said that U.S. commercial revenue was up 70% from a year ago, with overall commercial revenue up 32%. Government revenue in the quarter was up 11% compared to a year earlier.
Palantir expects revenue of $2.652 billion to $2.668 billion in 2024, compared with the $2.64 billion expected by analysts, according to FactSet. Palantir also expects U.S. commercial revenue to rise at least 40%.
The company expects to post a profit in each quarter of 2024.