Shares of Palantir (NASDAQ:PLTR) rocketed in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $0.04, which beat analysts’ consensus estimate of $0.03 per share. Sales increased by 17.5% year-over-year, with revenue hitting $508.62 million. This beat analysts’ expectations of $504.98 million.
Meanwhile, its government revenue grew 23% compared to the same time last year, reaching $293 million. The U.S. government’s portion of that, meanwhile, was up 22% and ultimately reached $225 million. Palantir’s commercial revenue was up 11% year-over-year and hit $215 million. Meanwhile, its commercial revenue in the U.S. was up 12%, hitting $77 million. All told, Palantir’s total customer count was up 55% against this time last year and up 9% versus the last quarter.
Looking forward, management now expects revenue for Q1 2023 to be in the range of $503 million to $507 million. For reference, analysts were expecting $520.28 million in revenue.
Overall, Wall Street has a consensus price target of $7.56 on Palantir, implying 0.72% downside risk, as indicated by the graphic above.
