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Palantir Q1 results top estimates; Expects to remain in profit through 2023

Investing.com -- Palantir reported first-quarter results that topped Wall Street estimates and said it expected to remain profitable through the rest of the year as new customers wins continue to bolster performance.  

Palantir Technologies (NYSE:PLTR) was up more than 27% in aftermarket hours following the report. 

The data analytics company reported adjusted earnings of $0.05 on revenue of $525.2 million, beating analyst estimates of $0.04 on revenue of $505.8M.

The beat on the bottom line was driven by new business wins, with commercial revenue up 5% year-over-year to $236M and government revenue up 20% year-over-year to $289M

Customer count grew 41% year-over-year, with commercial customer count jumping 50% year-over-year to 155 customers.

Looking ahead to Q2, the company guided revenue of between $528M to $532M, compared with estimates for $536.6M.

For full year 2023, revenue was expected in a range of $2.19B to $2.24B, with profit expected in each quarter through 2023.

“We were profitable again this quarter... And we now anticipate that we will remain profitable each quarter through the end of the year," Palantir said. 

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