Artificial intelligence development boosted shares of Palantir, it’s predicts the time and place of future crimes

Shares of the American technology company Palantir rose sharply by 19% after the release of the financial report for the fourth quarter of 2023. The company exceeded analysts’ expectations for revenue in the context of growing demand for artificial intelligence solutions.

Palantir’s fourth-quarter revenue increased 20% to $608.4 million. Net income was $93.4 million, up from $30.9 million last year.

Palantir CEO Alex Karp highlighted the sharp growth in demand for AI technology in the United States. The company completed approximately 600 pilot projects based on its AIP platform in 2023, compared to less than 100 in 2022.

Palantir forecasts revenue of $612-616 million for the current quarter and $2,65-2,67 billion for the end of the year. These figures coincide with analysts’ consensus forecasts.

With four consecutive quarters of consistent performance, Palantir now meets the criteria for inclusion in the S&P 500 Index.

Palantir was opened in 2004 by PayPal founder Peter Thiel. The company received initial funding from the CIA’s venture capital division. The startup’s software predicts the time and place of future crimes, analyzes the movements of criminals, recognizes future lawbreakers, and more.