---
title: "AI demand drives profits \"explode\", big data company Palantir Tech's stock price soars 20%"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/107501414.md"
description: "Palantir Tech has achieved GAAP profitability for the fifth consecutive quarter, with Q4 net profit doubling year-on-year and US commercial revenue surging by 70%. It is expected that US commercial revenue will increase by at least 40% in Q1 this year."
datetime: "2024-02-06T02:00:51.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/107501414.md)
  - [en](https://longbridge.com/en/news/107501414.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/107501414.md)
---

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# AI demand drives profits "explode", big data company Palantir Tech's stock price soars 20%

Data analytics company Palantir Tech achieved its "first profitable year" against the backdrop of strong demand for artificial intelligence.

After the US stock market closed on Monday local time, Palantir Tech released its financial report, which showed that the company achieved GAAP profitability for the fifth consecutive quarter:

> **In Q4 2023, the net profit was $93.4 million, or $0.04 per share, compared to $30.9 million, or $0.01 per share, in the same period last year.**
> 
> The adjusted operating income margin for the fourth quarter was 34%, which performed well among its peers.

The startup also projected that its revenue for Q1 2024 would be between $612 million and $616 million, with full-year revenue ranging from $2.65 billion to $2.67 billion, in line with Wall Street expectations.

Among them, the company expects its US market revenue to exceed $640 million in 2024, with a year-on-year growth of at least 40%.

After the release of the financial report, **Palantir Tech's stock price surged nearly 20% in after-hours trading**.

CEO Alex Karp stated that artificial intelligence is the company's "future" and that they will continue to invest and explore opportunities in the AI field this year.

In a letter to shareholders, Karp mentioned that the company's expansion rate has "never been higher," especially with the continuous demand for large language models (LLMs) in the United States.

Karp also mentioned that by 2023, their Artificial Intelligence Platform (AIP) had been deployed in nearly 600 applications, compared to less than 100 in 2022.

Driven by artificial intelligence, Palantir Tech's stock price nearly tripled in 2023, while the tech-heavy Nasdaq 100 index rose by 53.8%.

Palantir Tech achieved profitability for the fourth consecutive quarter in Q3 of last year, making it eligible for inclusion in the S&P 500 index.

In addition, **Palantir Tech's US commercial revenue in Q4 surged by 70%**, reaching $131 million, compared to a growth rate of only 12% in the same period last year. The company stated that its number of US commercial clients increased by 55%, from 143 to 221.

In the fourth quarter, Palantir Tech's overall commercial business grew by 32% year-on-year, reaching $284 million, surpassing analysts' expectations of $271 million. However, its government business grew at a slower pace, increasing by only 11% to $324 million, falling short of analysts' expectations of $333 million.

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