Here’s Why Palantir is Rocketing in After Hours

Karp, CEO of Palantir Technologies poses beside the company's logo in Davos

Keep an eye on Palantir (PLTR).

After dropping to triple bottom support, the stock is starting to pivot higher.  In fact, from a current price of $7.74, we’d like to see it refill its bearish gap around $8.75 near-term.  All thanks to earnings, and expectations for profitability.

In its latest quarter, the company posted an EPS of five cents, beating expectations for four cents.  Sales were up to $525 million, as compared to expectations for $506 million.  Plus, as noted by CNBC, “The company reported its second-ever quarter of positive net income on a GAAP basis, at $17 million, and in a letter to shareholders, CEO Alex Karp said the company expects to remain profitable “each quarter through the end of the year.”

The CEO also said demand for the company’s new AI platform is “without precedent” – and allows commercial and government sectors to use large language models based on their own private data sets.

PLTR last traded at $7.74 on an earnings spike to 69.9 million, as compared to daily average volume of 39.29 million.