Palantir (PLTR) shares jumped in pre-market buying and selling after the corporate reported robust fourth-quarter outcomes that had been boosted by demand for its synthetic intelligence platforms. Earnings experiences from Eli Lilly (LLY) and Spotify (SPOT) additionally topped analysts’ expectations. Snap (SNAP), within the midst of latest layoffs, and Ford (F) will report after the closing bell, whereas BP’s (BP) buyback plan cheers buyers. Right here’s what buyers have to know right this moment.
1. Palantir Soars Amid "Unrelenting" AI Demand
Palantir (PLTR) shares soared 18% in pre-market buying and selling after the corporate reported fourth-quarter income that surpassed Wall Avenue’s expectation amid rising demand for its AI platforms. The corporate posted income of $608.4 million, up 20% from the year-ago quarter. Adjusted earnings for the interval got here in at 8 cents per share, in-line with the consensus forecast. “Demand for giant language fashions” from U.S. business establishments is “unrelenting,” CEO Alexander Karp mentioned in a letter to shareholders, noting that the corporate’s AI platform is now considerably contributing to new income.
2. Lilly Boosted By Mounjaro, Zepbound Power
Shares in Eli Lilly (LLY) rose greater than 3% in early buying and selling after the drugmaker forecast annual gross sales for 2024 of $40.4 billion to $41.6 billion, topping analysts’ expectations. Fourth-quarter income rose 28% versus the earlier 12 months, pushed by diabetes remedy Mounjaro. Carefully watched weight problems drug Zepbound, which Eli Lilly started promoting in November, introduced in $175.8 million of gross sales. Fourth-quarter earnings per share was $2.49, versus $2.09 the identical interval of 2022.
3. Spotify Hits 236 Million Subs, This fall Beats Steerage
Shares of Spotify Applied sciences (SPOT) rose almost 7% in premarket buying and selling after the music streaming service reported that it had 236 million paying subscribers, including a web 10 million subscribers within the fourth quarter. Spotify mentioned its fourth quarter web lack of 75 million euros ($80.5 million) exceeded its earlier steering.
4. BP Shares Surge on Inventory Buyback Pledge
American depositary receipts (ADRs) of BP (BP) surged 5% in early buying and selling after the oil big mentioned it might purchase again $3.5 billion in shares within the first half of 2024 and posted higher-than-expected annual revenue. The British agency recorded $13.84 billion in full-year underlying substitute price revenue—an identical metric to web earnings that U.S. oil corporations report—down considerably from $27.65 billion the earlier 12 months when Russia’s invasion of Ukraine despatched oil costs hovering.
5. Snap Broadcasts Layoffs, Set to Publish 4Q Outcomes
Snap Inc. (SNAP), the social-media firm that owns Snapchat, is about to announce earnings right this moment after saying on Monday it might lower 10% of its workforce, affecting round 500 staff. Analysts anticipate the corporate to report income of $1.38 billion and an adjusted revenue of 6 cents a share. Shares had been little modified in pre-market buying and selling.
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