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Palantir’s Upcoming Earnings Report and Stock Performance
Palantir Technologies (NASDAQ: PLTR) is set to release its financial results for Q3 on November 3, 2023. Over the past three years since the launch of ChatGPT by OpenAI, Palantir’s stock has surged nearly 2,400%, significantly outpacing the S&P 500 and Nasdaq Composite indices. This remarkable performance is primarily attributed to its broad adoption of AI-powered software across both government and private sectors.
Most notably, Palantir recently secured a U.S. Army contract potentially worth up to $10 billion over a decade, contributing to its strong revenue outlook. Additionally, an existing Department of Defense contract was expanded by $800 million, bringing its total value to $1.3 billion. Analysts express caution, with 17 out of 25 rating the stock as a hold due to its high price-to-sales ratio of 136, which far exceeds historical norms observed during previous market bubbles.
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