Palantir expects first profitable year in 2023

Palantir forecast 2023 revenue between US$2.18bil (RM9.5bil) and US$2.23bil (RM9.7bil), below the US$2.29bil (RM10bil) estimated by analysts, according to Refinitiv. — Reuters

NEW YORK: Palantir Technologies is forecasting its first profitable year and says it has slowed hiring, cut stock-based payouts and reduced cloud computing investments in response to lower spending from recession-wary businesses.

The forecast, coming on the back of better-than-expected fourth-quarter results, sent the data analytics software maker’s shares up 16% after hours and was set to add nearly US$3bil (RM13.1bil) to the company’s market capitalisation of US$15.6bil (RM68bil).