Palantir (PLTR) Surges After Turning Profitable

Palantir Technologies Inc (PLTR:US) shares are trading sharply higher since Tuesday after the company reported its first-ever quarterly profit.

Palantir, the U.S.-based data analytics company focused on many areas but mostly on military solutions, generated $31 million in net income for the fourth quarter, or $0.01 per share.

"We are now, in the last quarter, GAAP profitable, and we plan to be GAAP profitable in this year," CEO Alex Karp said in a press release.

Revenue increased by 18% as government sales rose 22%. 

"[O]ur basic view of Palantir is we are in this to make institutions of the West stronger. We believe we're winning. Because we're winning, I think there's going to be a lot of interest in us in buying our software and potentially in buying us," Karp said.

For this quarter, Palantir projects adjusted operating profit from $91 million - $95 million and revenue from $503 million - $507 million. For 2023, Palantir sees adjusted operating profit from $481 million to $531 million and revenue from $2.18 billion to $2.23 billion. 

Looking at Capitol Trades data, Congressman Ro Khanna was both buying and selling PLTR stock last year. Most recently, the Congressman bought Palantir shares on May 03, when the stock closed at $10.55. However, he returned to selling just a few days ago after shares collapsed following a weak F1Q22 report.