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Alex Karp, CEO of Palantir Technologies, leaves a morning session at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, on July 13, 2023.

Kevin Dietsch | Getty Images

Palantir reported a 13% increase in second-quarter revenue on Monday and issued a forecast for the current period that topped analysts’ estimates. Investors pushed up shares as much as 2% in extended trading.

Here’s how the company did:

  • Earnings: 5 cents per share, adjusted, vs. 5 cents per share as expected by analysts, according to Refinitiv.
  • Revenue: $533 million, vs. $533 million as expected by analysts, according to Refinitiv.

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Palantir reported $28 million, or 1 cent per share, in net income, compared with a net loss of $179 million, or 9 cents per share, in the year-ago quarter.

The data analytics company said third-quarter revenue will likely be between $553 million and $557 million, ahead of the $552 million expected by analysts. The midpoint of the guidance implies 16% growth, a sequential acceleration after three years of gradual deceleration.

Management reiterated expectations for net income in the third and fourth quarters and called for full-year revenue of over $2.212 billion, above the midpoint of its forecast from May. Analysts polled by Refinitiv had expected $2.209 billion.

“We anticipate that we will become eligible for inclusion in the S&P 500 after we report our financial results for Q3 2023 in early November,” CEO Alex Karp wrote in a letter to shareholders. “At that point, we will have been profitable on a cumulative basis over the preceding four quarters.”

Palantir lifted its forecast for adjusted income from operations for year to over $576 million, compared with a range of $506 million to $556 million as of May.

The company said its board approved a buyback program of up to $1 billion.

Government revenue accounted for 57% of total sales. During the quarter Palantir announced a contract from the U.S. Special Operations Command that could be worth up to $463 million. The company’s fastest area of growth was international government revenue, which increased 31% to $76 million.

Prior to the after-hours move, the value of Palantir shares had climbed 177% so far this year, compared with a rise of 17% for the S&P 500 index over the same period.

Executives will discuss the results on a conference call starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

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Dogecoin surges 20% after Trump announces a Department of Government Efficiency — DOGE

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Dogecoin surges 20% after Trump announces a Department of Government Efficiency — DOGE

Chesnot | Getty Images

Dogecoin shot higher on Tuesday night, extending its postelection surge after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency, which he referred to as “DOGE” in his statement.

Tesla CEO Elon Musk and Vivek Ramaswamy, former Republican presidential candidate and Strive Asset Management co-founder, will lead the department, Trump said in a statement. Together, they “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

Dogecoin was last up nearly 20%. It has been one of the biggest winners in the postelection rally, gaining 153% since election day compared to bitcoin’s 30% rise in the same period. It also shot past XRP this week to become the sixth largest cryptocurrency by market cap.

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Dogecoin jumped after President-elect Donald Trump announced the creation of the Department of Government Efficiency, or “DOGE.”

Memecoins are seen as a gauge of retail interest and risk appetite in crypto. When memecoin activity ramps up, it usually indicates that retail investors are participating and have an appetite to speculate further out on the risk curve.

Trump initially floated the idea of an efficiency commission in September. Since then, Musk — who has called himself the “Dogefather” in the past and has been known to make public comments about the memecoin that influence its price — has posted on his social media platform X, referring to the commission as the “Department of Government Efficiency” or “D.O.G.E.”

Dogecoin gained relevance in 2021 following Musk’s endorsement and continuous hype on social media, which has since become a big catalyst for the coin. In May that year, Musk’s posts fueled dogecoin’s rally to its all-time high of 67 cents, per Coin Metrics. Though his appearance at the time on SNL, in which he called dogecoin “a hustle,” sent its price crashing down.

The rest of the crypto market was on pause from its postelection rally. Bitcoin was trading flat at about $87,000, after briefly touching $90,000 in late afternoon trading. Crypto stocks Coinbase and MicroStrategy were lower by 1% and 2%, respectively, in extended trading.

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Trump says Musk and Ramaswamy will lead government efficiency group

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Trump says Musk and Ramaswamy will lead government efficiency group

Elon Musk embraces Donald Trump during a campaign rally in Butler, Pennsylvania on Oct. 5, 2024.

Anna Moneymaker | Getty Images

President-elect Donald Trump said Tuesday that Elon Musk and former Republican presidential hopeful Vivek Ramaswamy will lead an efficiency group when his second term begins in January.

Trump wrote in a post that the Department of Government Efficiency, or DOGE, will “become, potentially, ‘The Manhattan Project’ of our time.” He also said the group would, “pave the way” for his next administration to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

Trump didn’t specify where cuts will take place or when the department may be formed. Congress hasn’t created or funded such an office. He said the group’s “work will conclude no later than July 4, 2026.”

Musk’s involvement in the envisioned group was previously promised by Trump and touted by the Tesla CEO, who spent an estimated $200 million backing the Republican nominee’s 2024 campaign, as a reason to put the former president back in the White House. Musk, who also runs defense contractor SpaceX, has reportedly been stationed at Trump’s Mar-a-Lago resort in Florida since Election Night.

Ramaswamy, who challenged Trump in the Republican primary, is co-founder of investment firm Strive Asset Management. He has opposed the widespread adoption of environmental, social and governance, or ESG, principles by companies.

Trump announced a number of other appointments Tuesday, including naming Fox News host Pete Hegseth as his pick for defense secretary and John Ratcliffe as CIA director.

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Spotify shares pop on better-than-expected profit forecast

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Spotify shares pop on better-than-expected profit forecast

The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange on Dec. 4, 2023.

Brendan Mcdermid | Reuters

Spotify shares rose in extended trading Tuesday after the Swedish music streaming company issued a profit forecast for the fourth quarter that topped estimates.

Here’s how the company did, compared with what analysts expected:

  • Earnings per share: 1.45 euros vs. 1.72 euros expected by LSEG
  • Revenue: 3.99 billion euros vs. 4.02 billion euros expected by LSEG
  • Monthly active users (MAUs): 640 million vs. 639 million expected by StreetAccount

While the company’s earnings and revenue for the third quarter trailed estimates, investors focused instead on guidance for the current period.

Spotify said operating income in the fourth quarter will come in at 481 million euros, exceeding the average analyst estimate of 432.7 million euros, according to StreetAccount. MAUs will increase to 665 million, while analysts were expecting 659.3 million, based on a StreetAccount estimate.

Still, revenue guidance trailed estimates. The company said sales will reach 4.1 billion euros, below the average analyst estimate of 4.26 billion euros, according to LSEG.

Subscribers to Spotify Premium, the company’s ad-free membership service that allows users to select songs on an unlimited basis, increased 12% year over year to 252 million, slightly ahead of estimates.

Spotify shares rose about 8% after the report to $452.35 after rising 2.2% in regular trading. The stock has more than doubled in value this year.

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