Palantir Jumps Most Since 2020 on First Annual Profit, AI Demand

Palantir Technologies Inc. shares soared by 31% on Tuesday after the company reported big demand for its artificial intelligence technology and gave a higher-than-expected profit outlook for 2024.

The Denver-based software and analysis company said it expects adjusted income from operations of $834 million to $850 million for this year. Analysts, on average, had expected $760.3 million, according to estimates compiled by Bloomberg.

Palantir also reported 2023 net income of $210 million, its first year of profitability, Palantir Chief Executive Officer Alex Karp said in a letter to shareholders. The results exceeded analyst estimates of $194.5 million.

“Our commercial business ...