In today’s top stories, shares in Palantir popped in premarket trading, with the data company’s CEO saying that demand for its new AI-powered platform is “without precedent”. Elsewhere, the Western Digital Corp share price was also up, despite third quarter results that pointed towards weak demand. A US appeals court has rejected Apple’s bid to reboot a copyright case against software company Corellium, while Amazon has offered select customers $10 to pick up purchases over $25 from collection points. Lastly, Uber rival Bolt is aiming to turn profitable in 2024, with a view to going public in 2025.
Palantir shares pop on profitability forecast
Shares in Palantir [PLTR] popped in premarket trading by as much as 21% after the data company announced it expected to turn a profit in every quarter of 2023. Demand for its new AI-powered platform is “without precedent”, co-founder and CEO Alex Karp wrote in a letter to shareholders. “We are currently mobilising our company and sales teams in order to convert this organic and inbound interest into an expansion of our reach within the market,” Karp added.
Western Digital Corp sees demand slump
The Western Digital Corp [WDC] share price was up premarket today despite third quarter (Q3) 2023 results that pointed towards weak demand. The memory chip maker expects Q4 revenue to come in between $2.4bn and $2.6bn, lower than Refinitiv estimates of $2.9bn. It also expects to post a much wider loss. However, a recovery is likely in the second half of the calendar year, CEO David Goeckeler said on the earnings call.
Apple copyright claim thrown out
A US appeals court has rejected Apple’s [AAPL] bid to reboot a copyright case against software company Corellium. The long-standing case claims Corellium infringed copyright by simulating the iOS operating system to help researchers identify security flaws in Apple devices. The appeals court has ruled that Corellium recreated the operating system lawfully in order to carry out critical research. According to the appeals court, Apple tried to buy Corellium for $23m before filing the lawsuit.
Amazon aims to reduce home deliveries
Ecommerce giant Amazon [AMZN] has offered select customers $10 to pick up purchases over $25 from collection points — including Whole Foods [WFM], Amazon Fresh or Kohl’s [KSS] stores — rather than have parcels sent to their homes. Dean Maciuba, a shipping consultant who received the offer, told Reuters that there’s “a huge opportunity for Amazon to reduce the costs of delivery”.
Uber rival aims for 2025 IPO
Ride-hailing and food delivery platform Bolt is aiming to turn profitable in 2024, with a view to going public in 2025. Speaking to Reuters, CEO of the Estonian Uber [UBER] rival, Markus Villig, said its “philosophy is not always to be the cheapest”, because focusing on lower prices leads to “very bad availability of cars because drivers will not be happy”. Bolt was valued at $8bn when it raised €628m in funding back in January 2022.
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