Palantir Technologies said it expects 2023 to be its first profitable year as the maker of data analytics software benefits from cost cuts and the artificial intelligence boom. The company has reduced employees' stock-based compensation and cut back on cloud expenditure in recent months in response to lowe
Palantir Technologies said it expects 2023 to be its first profitable year as the maker of data analytics software benefits from cost cuts and the artificial intelligence boom.
The slowing demand weighed on its 2023 revenue forecast, which at between US$2.18 billion and US$2.23 billion was below the US$2.29 billion estimated by analysts, according to Refinitiv. Still, company executives said the AI surge sparked by the rise of ChatGPT was proving to a be bright spot and would help its business in 2023, mirroring remarks from Big Tech firms.
The company's revenue rose 18 per cent to US$509 million in the fourth quarter, beating analysts' estimates for the period when it signed deals with US defence contractor Lockheed Martin Corp and the UK military.
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