Shares of Palantir Technologies Inc (PLTR.N) jumped about 12% after the U.S. data analytics company forecast current-quarter sales above expectations, thanks to large contracts it secured from corporations and government agencies.
FILE PHOTO: The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland January 22, 2020. REUTERS/Arnd Wiegmann/File Photo/File Photojumped about 12% after the U.S. data analytics company forecast current-quarter sales above expectations, thanks to large contracts it secured from corporations and government agencies.
Co-founded in 2003 by tech billionaire Peter Thiel, Palantir caters to government bodies and other industries, and is known mainly for its work with U.S. government defense and intelligence agencies including the Central Intelligence Agency as well as companies such as 3M and Rio Tinto. During the second quarter, Palantir won one-year contract renewal worth $7.4 million from the U.S. Centers for Disease Control and Prevention, and was also contracted by the Federal Aviation Administration to provide a data analytics tool.
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