Palantir shares jump 23% to record on uplifting guidance
Summary
Palantir Technologies CEO Alex Karp appears on a Bloomberg television interview during the FoundryCon event in Palo Alto, California, on March 7, 2024. Palantir shares jumped 23% on Tuesday and headed for a record close after the data analytics software maker reported robust third-quarter results and issued uplifting revenue guidance. Analysts at Deutsche Bank said in a report that "the beat was driven by better-than-anticipated US Government performance," boosted by demand for artificial intelligence tools. "We continue to view the adoption of PLTRs AI-enabled products and reach in its early days, as more companies realize the time, resource, and cost savings possible," Bank of America analysts wrote in a note to investors. "In our view, Palantirs moat as the differentiated agnostic AI-enabler is only growing with each new use-case carrying compounding unit economics."