Palantir Technologies Inc. (NYSE:PLTR) is seeing its stock surge Friday. Here's what you need to know.
What To Know: Palantir's shares have been gaining traction this week, following the company's strong second-quarter earnings report released on Monday. The company posted better-than-expected financial results, with total revenue increasing by 27% year-over-year, bolstered by a 55% surge in U.S. commercial revenue. Additionally, Palantir's customer base grew by 41% year-over-year.
CEO Alex Karp expressed optimism about the company's future, noting that the growth of the business has been steadily re-accelerating, with significant opportunities ahead. This positive outlook was further reinforced by analysts, many of whom raised their price targets on Palantir stock.
What Else: The momentum continued midweek with Palantir announcing key strategic partnerships. On Wednesday, Palantir revealed a collaboration with Wendy's Quality Supply Chain Co-op (QSCC) to enhance digital transformation, AI adoption and operational decision-making. The partnership will see Wendy's utilizing Palantir's Artificial Intelligence Platform (AIP) for supply chain management and waste prevention.
On Thursday, Palantir also announced an expanded partnership with Microsoft Corp. (NASDAQ:MSFT), aimed at deploying AI tools for U.S. government agencies. This collaboration will integrate Palantir's AIP with Microsoft's Large Language Models (LLMs) via Azure OpenAI Service, targeting the U.S. Defense and Intelligence Community.
PLTR Price Action: Palantir shares were up by 2.96% at $30.15 according to Benzinga Pro.
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Image via press release.