Shares of Palantir Technologies fell by over 10% following announced Pentagon budget reductions targeting 8% cuts annually for five years. Despite this downturn, Palantir's stock remains up 20.60% year-to-date. The company reported strong earnings in Q4 2024, exceeding expectations with a 23.72% EPS beat. Palantir's investment in AI startup Shield AI reflects its commitment to innovation in the data sector, which is projected to grow significantly. Additionally, the company has seen a staggering 885.65% rise since going public in 2020, solidifying its status in Big Data.
Shares of Palantir Technologies Inc. plunged -10.53% on Monday due to Pentagon budget cuts aiming for 8% reductions every year for the next five years.
Despite the sharp decline, Palantir remains up 20.60% year-to-date and reported strong Q4 2024 earnings with an EPS beat of 23.72%.
The market for data services, where Palantir is a key player, is projected to grow from $220.2 billion in 2023 to $401.2 billion by 2028.
Since going public in September 2020, Palantir's stock price has skyrocketed by 885.65%, solidifying its position as a Big Data industry dominator.
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