(News Bulletin 247) – Palantir said Tuesday it was profitable in its first quarter and said it expects to remain profitable every quarter of this year, prompting a run on its stock on the New York Stock Exchange.
During the period from January to March, the American software company, which specializes in data mining, posted a net profit of $17 million under GAAP accounting principles.
On this basis, the Denver group says it expects to remain profitable every quarter of this year.
For the first time in our history, Palantir posted a first quarter operating profit of $4 million versus a loss of $39 million a year earlier.
The company says it generated 525 million dollars in revenue in the first quarter, a figure up 18% which exceeds its initial forecasts, thanks in particular to growth of nearly 30% in the United States, its most important market.
In a letter to shareholders, Alex Karp – the group’s chief executive – stresses that demand for the new artificial intelligence platform (AIP) – which will be made available to select customers this month – is “unprecedented”.
However, he warns that advances in generative artificial intelligence present ‘real risks’, for example in targeting operations in the military context.
From Alex Karp’s point of view, the machine must thus ‘remain subordinate to its creator’.
Following this publication, Palantir shares soared 20.6% Tuesday morning on the Nasdaq.
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