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Palantir (PLTR) soars after fourth-quarter earnings soar. Instruction varies. (00:29) U.S. Court of Appeals refuses to protect Bayer (OTCPK:BAYRY) from Roundup lawsuit. (01:51) Layoff season continues to disrupt the entire tech industry. (02:52)
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Palantir Technologies (NYSE:PLTR) soared more than 13% in after-hours trading on Monday after the enterprise software company reported better-than-expected fourth-quarter results.
Premarket, Palantir rose more than 19%.
For the period ended Dec. 31, the company earned $0.08 per share, or $608.35 million, compared to Wall Street's expectations for revenue of $0.08, or $602.88 million.
The company said its U.S. commercial revenue for the same period was $131 million, up 70% from a year ago, and the number of customers grew 55% over the same period. Total commercial contracts during the period totaled $343 million, an increase of 107% year-on-year.
However, the company issued a mixed outlook, saying first-quarter sales were lower than expected but higher than expected for the full year. The company expects revenue for the next quarter to be between $612 million and $616 million, lower than analysts' expectations of $617.44 million.
Full-year revenue is expected to be between $2.652 billion and $2.66 billion, beating the consensus of $2.64 billion.
The 11th Circuit Court of Appeals will dismiss a Georgia doctor's lawsuit alleging that Bayer's (OTCPK:BAYRY) (OTCPK:BAYZF) herbicide Roundup caused cancer, Reuters reported on Monday. refused.
The court reached the same conclusion as several other appellate courts in similar cases, holding that Roundup's approval by federal regulators shielded the company from lawsuits under state law for failing to warn consumers. Bayer (OTCPK:BAYRY) (OTCPK:BAYZF)'s claims were rejected. Product Risk.
If the Eleventh Circuit were separate from other courts, the U.S. Supreme Court would likely take up the issue. Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) said it expects the Supreme Court's favorable ruling to limit its liability from Roundup-related lawsuits.
The plaintiff said in the lawsuit that he was diagnosed with malignant fibrous histiocytoma in 2016 after using Roundup for 30 years.
Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) has won 10 of the past 16 lawsuits against Roundup, but the losing cases have cost the company more than $4 billion in jury verdicts since October. ing.
As we enter the second month of 2024, layoffs continue across the technology industry.
More than 120 technology companies have already laid off a total of more than 32,000 employees in the first five weeks of 2024, according to Layoffs.fyi. Tech companies laid off about 260,000 people in 2023, according to the tracker.
Tech companies continue to rationalize costs, improve efficiency and respond to the cooling labor market by cutting jobs. These companies are under constant pressure to continually improve their profits.
The U.S. economy added 353,000 new jobs in January, according to the latest numbers from the U.S. Bureau of Labor Statistics.
Seeking Alpha has compiled a list of publicly traded technology companies announcing layoffs so far in the new year. Check out this article on Seeking Alpha to see the number of layoffs at each company, including SNAP, Okta, Zoom, Salesforce, and Paypal.
In Catalyst Watch of the day,
Enphase Energy (NASDAQ:ENPH) is watching for today's earnings. Enphase Energy (NASDAQ:ENPH) is scheduled to report its fourth quarter financial results after the market closes today.
Analysts expect both revenue and bottom line to decline year-over-year, with sales of $327.6 million and earnings per share of $0.55.
Despite the downturn in the residential solar market, Enphase is expected to slightly beat market expectations in the fourth quarter. However, the company's first quarter outlook is likely to be lower than expected.
Investors will be watching demand for the company's products as it competes with rivals looking to increase market share by lowering prices.
In December, Enphase announced plans to lay off about 10% of its workforce and shift its focus to clearing excess inventory around the world.
Other notable articles on Seeking Alpha:
Virgin Galactic reports flight trouble to FAA
Chegg's AI investments take time to pay off
Invitae plunges after reports it may file for bankruptcy within weeks
US stocks ended lower on Monday.
The Dow Jones Industrial Average (DJI) fell 0.7%, leading the decline in major averages. The S&P 500 (SP500) (SPY) fell 0.3%, and the Nasdaq Index (COMP.IND) fell 0.2%. The Dow Jones Industrial Average fell further after McDonald's (MCD), the world's largest fast food chain, reported weak quarterly sales.
Now let's take a look at the market price as of 6am. Dow, S&P, and Nasdaq futures are mixed ahead of today's opening bell. The Dow fell 0.2%, the S&P 500 was flat, and the Nasdaq rose 0.2%. Crude oil rose 0.1% to less than $73 per barrel. Bitcoin fell 1% to below $43,000.
In global markets, the FTSE 100 rose 0.5% and the DAX fell 0.1%.
Biggest pre-market mover of the day: BP (NYSE:BP), up 6% after the company ramped up its share buyback program and announced a dividend despite a decline in annual profits. Rose.
Today's economic calendar:
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12:00pm Fed's Loretta Mester Speech
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1 p.m., Fed's Neel Kashkari speaks.
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2:00 p.m. Fed's Susan Collins lecture
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7:00 p.m. Patrick Harker Fed Lecture
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
