Palantir: US tech firm with lucrative NHS contract sees AI sales soar

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TMT Reporter

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Shares in US tech firm Palantir, which recently won a multi-million-pound contract with the NHS, jumped nearly 20 per cent in after-hours trading yesterday after it said demand for artificial intelligence (AI) has driven sales higher.

After reporting a record profit of $209.8m (£167m) in 2023, the data analytics firm gave a higher-than-expected profit guidance for 2024 between $834m (£664m) and $850m (£677m), on Monday.

For the quarter ended December 2023, it posted revenue of $608m (£484.2m), up 20 per cent from the previous year and beating expectations of $603.5m (480.6m).

Palantir chief Alex Karp said in a letter to shareholders that the demand for large language models from US corporates has been “unrelenting.”

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“Every part of our organization is focused on the rollout of our Artificial Intelligence Platform (AIP), which has gone from a prototype to a product in months.

“And our momentum with AIP is now significantly contributing to new revenue and new customers,” he added.

In November last year, New York-listed Palantir secured a £330m contract with NHS England to develop a new patient data platform, to make it easier for staff to access important information. The move prompted some data privacy concerns.