- Palantir Technologies Inc. is set to report its first-quarter 2024 results on May 6, with expectations of a significant year-over-year improvement in the company’s top line.
- The expected growth is driven by healthy business from both existing and new customers, strengthening both Government and Commercial segments.
- The current Zacks Consensus Estimate for total revenues stands at $614.9 million, indicating 17.1% growth from the year-ago reported quarter.
Palantir Technologies Inc. is expected to report a significant year-over-year improvement in its first-quarter 2024 results, driven by healthy business from both existing and new customers.
Expected Growth in Government and Commercial Segments
Going by segments, the consensus estimate for Government revenues is pegged at $326 million, indicating 12.9% year-over-year growth. Palantir’s continued work in health care and defense is likely to have significantly benefited the Government segment in the quarter. The consensus mark for Commercial revenues is pegged at $289 million, indicating 22.5% year-over-year growth. These revenues are likely to have benefited from contributions from new as well as existing customers and expansions. The company has witnessed growth across multiple industries.
Palantir’s Current Ranking and Earnings Snapshots of Some Service Stocks
PLTR currently carries a Zacks Rank #3 (Hold). Other service stocks such as Omnicom, Equifax, and ManpowerGroup have reported their first-quarter 2024 results. Omnicom reported impressive results, with both earnings and revenues beating the Zacks Consensus Estimate. Equifax and ManpowerGroup reported mixed results, with earnings surpassing the Zacks Consensus Estimate, but revenues missing the same.
Conclusion
Palantir Technologies Inc. is expected to report a significant year-over-year improvement in its first-quarter 2024 results, driven by healthy business from both existing and new customers. The company’s continued work in health care and defense, as well as contributions from new and existing customers and expansions, are likely to have significantly benefited the Government and Commercial segments respectively. The company’s current Zacks Rank is #3 (Hold).
