Palantir Technologies Inc. (NASDAQ:PLTR) jumped to an all-time high on Tuesday, reaching $103.83 each after a 23.99 percent surge. The company’s market capitalization surged to $240 billion, surpassing that of well-established brands like American Express and McDonald’s.
The rally followed impressive earnings results, with the company announcing a 16-percent growth in net income for the full year 2024 at $462 million. Revenues also saw significant jumps, increasing by 29 percent to $2.87 billion, with US revenues surging by 38 percent to $1.9 billion.
The strong performance was attributed to a 10 percent increase in net income and a 36 percent jump in revenues for the fourth quarter. While Palantir ranks first on our list of stocks that have surged due to impressive earnings and bullish outlooks, we remain cautious about the AI stock market, which holds greater promise for delivering higher returns within a shorter time frame.
If you’re looking for an AI stock with more promising potential but trading at less than 5 times its earnings, check out our report on the cheapest AI stock.
Source: https://finance.yahoo.com/news/why-palantir-technologies-pltr-skyrocketing-150605341.html