Palantir reported record earnings, surpassing $1 billion in quarterly revenue for the first time. This achievement led to a significant stock increase of over 555%, raising its market value to nearly $409 billion. CEO Alex Karp expressed pride in the company's success during an earnings call, addressing analysts who underestimated their performance. Despite criticism, Karp encouraged retail investors to disregard detractors, emphasizing the company's growth amidst its controversial history tied to U.S. military contracts during the War on Terror.
Karp, who has a PhD in neoclassical social theory, was absolutely delighted-and true to form, a bit snarky, too. "Well, as usual, I've been cautioned to be a little modest about our bombastic numbers, but honestly, there's no authentic way to be anything but have enormous pride and gratefulness about these extraordinary numbers," Karp said. As he wrapped up the call, he gave a quippy message to retail investors about the analysts that have "been wrong about every quarter." "Maybe stop talking to all the haters-they're suffering," he said.
Palantir's stock soared to more than $160 a share, marking a 555% increase from this time last year. By market close on Tuesday, Palantir's market cap had hit nearly $409 billion, making it the 23rd most valuable company in the world, just behind Johnson & Johnson, a company with more than 23 times Palantir's revenue and more than 35x the number of employees.
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