Palantir, the software and artificial intelligence company, reported better-than-expected earnings, causing its stock to surge nearly 20% in after-hours trading. The company reported revenue of $608.4 million, surpassing analyst expectations of $602.4 million. The strong performance was attributed to the company’s growth in U.S. commercial revenue, which increased by 70% year-over-year. Palantir’s CEO, Alex Karp, stated that the company’s ongoing transformation has positioned it as a fundamentally new software business. The company expects to generate at least $2.6 billion in revenue in 2024. Analyst Dan Ives called Palantir the Messi of AI and increased his price target to $30 from $25.
In other tech news, Tesla’s stock continued to face downward pressure, falling more than 3.5% on Monday. The decline was attributed to a heavy price cut by Piper Sandler, which also expressed concerns about Tesla’s aging product lineup. Additionally, German software corporation SAP announced that it would no longer purchase company cars from Tesla. Piper Sandler lowered its price target for Tesla to $225 from $295 and projected that the company would deliver only 1.93 million vehicles in 2024, below Tesla’s own expectations of at least 2.2 million sales.
Looking ahead, Snap is set to report its earnings after the bell on Tuesday, followed by Disney, Uber, and Roblox on Wednesday, and Cloudflare on Thursday. The trial for the U.S. Department of Justice’s antitrust lawsuit against Google is scheduled to begin on September 9, 2024. The lawsuit alleges that Google illegally monopolized digital advertising products. The European Union’s 27 member states recently endorsed the EU’s AI Act, which includes transparency requirements for AI models and greater requirements for more powerful models. The act is expected to be formally adopted in April.
Overall, Palantir’s strong earnings, Tesla’s ongoing struggles, and upcoming tech earnings reports are all shaping the current landscape of the tech industry.
Frequently Asked Questions (FAQs) Related to the Above News
What were Palantir's Q4 earnings results?
Palantir reported better-than-expected earnings, with revenue of $608.4 million, surpassing analyst expectations of $602.4 million.
How did the market react to Palantir's earnings?
Palantir's stock surged nearly 20% in after-hours trading following the earnings report.
What contributed to Palantir's strong performance?
The strong performance was attributed to the company's growth in U.S. commercial revenue, which increased by 70% year-over-year.
What is Palantir's CEO's view on the company's transformation?
Palantir's CEO, Alex Karp, stated that the company's ongoing transformation has positioned it as a fundamentally new software business.
What is Palantir's revenue target for 2024?
Palantir expects to generate at least $2.6 billion in revenue in 2024.
How did Tesla's stock perform recently?
Tesla's stock fell more than 3.5% on Monday due to downward pressure and concerns about its aging product lineup.
Why did Tesla's stock decline?
The decline was attributed to a heavy price cut by Piper Sandler and SAP's announcement that it would no longer purchase company cars from Tesla.
What is Piper Sandler's updated price target for Tesla?
Piper Sandler lowered its price target for Tesla to $225 from $295.
What is Piper Sandler's projection for Tesla's vehicle deliveries in 2024?
Piper Sandler projected that Tesla would deliver 1.93 million vehicles in 2024, below Tesla's own expectations of at least 2.2 million sales.
Which companies are scheduled to report their earnings this week?
Snap is set to report its earnings on Tuesday, followed by Disney, Uber, and Roblox on Wednesday, and Cloudflare on Thursday.
When is the trial for the U.S. Department of Justice's antitrust lawsuit against Google?
The trial is scheduled to begin on September 9, 2024.
What does the EU's AI Act include?
The EU's AI Act includes transparency requirements for AI models and greater requirements for more powerful models.
When is the expected adoption of the EU's AI Act?
The act is expected to be formally adopted in April.
What factors are currently shaping the tech industry?
Palantir's strong earnings, Tesla's struggles, and upcoming tech earnings reports are all shaping the current landscape of the tech industry.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
