Palantir Technologies (NYSE:PLTR) is the latest tech company to announce layoffs as the economic slowdown continues to gnaw on bottom lines. The company removed about 2% of its workforce or more than 70 jobs last Friday, Bloomberg reported.
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Headquartered in Denver, Colorado, Palantir builds digital infrastructure for data-driven operations and decision-making. Shares of the company have gained about 26% so far in 2023.
Earlier this month, Palantir reported its first-ever profitable quarter. It swung to earnings per share of $0.01 on a GAAP basis from a loss per share of $0.08 in the prior-year quarter. The company’s Q4 top line increased 18% year-over-year to $509 million on higher government and commercial revenue.
Furthermore, the company expects 2023 to be its first year of profitability, driven by strength in the AI business and cost control initiatives.
Is PLTR a Buy Now?
Overall, PLTR stock has a Hold consensus rating based on two Buys, six Holds, and five Sells. The average price target of $8.65 implies 7.7% upside potential.
Meanwhile, hedge funds sold 2.9M shares of PLTR last quarter. Also, insiders sold shares worth $3.1 million in the last three months.
