Palantir to Take Bitcoin as Payment, Mulls Betting on Cryptocurrencies

Palantir is known mainly for its work with US government defence and intelligence agencies including the CIA.

Palantir to Take Bitcoin as Payment, Mulls Betting on Cryptocurrencies

Palantir's revenue jumped 49 percent to $341.2 million (roughly Rs. 2,500 crores) in the first quarter

Highlights
  • Palantir enables customers to integrate data with its software platforms
  • Palantir has courted its share of controversies
  • Shares were last up 8 percent at $19.93 (roughly Rs. 1,460)
Advertisement

Palantir has started accepting payment in Bitcoin and is considering investing in cryptocurrencies, the US analytics provider disclosed, the latest firm to pivot to digital currencies that are gaining wider mainstream acceptance.

Shares of the company rose 7 percent on Tuesday following the announcement, reversing a 9 percent slide in premarket trading amid a wider tech rout.

Co-founded in 2003 by billionaire Peter Thiel, Palantir is known mainly for its work with US government defense and intelligence agencies including the Central Intelligence Agency.

Revenue jumped 49 percent to $341.2 million (roughly Rs. 2,500 crores) in the first quarter and beat expectations of $332.23 million (roughly Rs. 2,440 crores), helped by large deals from government agencies and corporations.

Palantir, which enables customers to integrate their data with its software platforms to help them get an analytical view of their operations, expects revenue to rise 43 percent to $360 million (roughly Rs. 2,640 crores) in the current quarter.

Analysts on average were expecting $344.31 million (roughly Rs. 2,530 crores), according to IBES data from Refinitiv.

Palantir has courted its share of controversies. Analysts have questioned its reliance on government contracts, while advocacy groups have raised privacy concerns around the vast amount of data it handles.

Excluding items, the company earned 4 cents per share, in line with expectations.

Shares were last up 8 percent at $19.93 (roughly Rs. 1,460) in late-afternoon trading.

The stock hit a peak of $45 (roughly Rs. 3,300) on January 27, fueled by its mention on Reddit forum WallStreetBets. Since then, shares have fallen 53 percent to Monday's close.

© Thomson Reuters 2021


Is Mi 11 Ultra the best phone you can buy at Rs. 70,000? We discussed this on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Palantir, Bitcoin, cruptocurrency
Samsung Galaxy S21 Series, Galaxy A32 4G Updates Bring Security Fixes and Improvements: Reports
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »