Palantir Technologies (PLTR), which has established itself as a leading stock in U.S. artificial intelligence (AI), saw its share price jump by more than 20% in after-market transactions after reporting results that exceeded market expectations.
Palantir's stock traded at $103.13 on the Nasdaq market at 5:42 p.m. on the 3rd (local time). This was an increase of 23.15% ($19.39) from the previous closing price. This is the first time Palantir's share price has surpassed the $100 mark.
Palantir reported its fourth-quarter results for last year (October to December) after the market closed that day. Revenue increased by 36% year-over-year to $827.5 million, surpassing the market's expected revenue of $775.9 million. The adjusted earnings per share (EPS) also came in at $0.14, higher than the market's estimate of $0.11.
Palantir also raised its guidance for the first quarter of this year (January to March). The company projected revenue between $858 million and $862 million, and adjusted operating income between $354 million and $358 million. All of these figures are above market expectations (revenue of $829 million and adjusted operating income of $304 million).
Palantir is particularly noted among U.S. AI-related stocks. The company has built a reputation by closely cooperating with U.S. intelligence agencies and provides AI software to the U.S. military, the Israeli military, and the Ukrainian military, thus being referred to as an 'AI defense stock' among investors.
Palantir is also a preferred stock among retail investors in the U.S. According to the Korea Securities Depository, as of the end of last month, domestic investors held $2.38935 billion (approximately 3.5 trillion won) worth of Palantir stock, making it the eighth largest amount among foreign stocks.