Palantir jumps on forecast to turn profit every quarter in 2023

Data analytics software maker Palantir Technologies said on Monday it expects to turn a profit every quarter in 2023 weeks after launching its new artificial intelligence platform, sending its shares up about 28 per cent in extended trading.

"Investors will be pleased not only with the better-than-expected results for the quarter, but also the guidance for profitability as well as the recent AI initiatives," said DA Davidson & Co analyst Gil Luria.The interest in the new offering has been"unlike anything we have seen", CEO Alexander Karp said in a letter to shareholders, adding the AI platform can assist militaries in targeting enemies.

The company forecast second-quarter revenue in the range of US$528 million and US$532 million, below estimates of $536.2 million, per Refinitiv data. Its full-year revenue forecast, however, was largely in line with estimates.

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