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Business Times
23 minutes ago
- Business Times
Palantir reports revenue up 48%, cites ‘astonishing' AI impact
[SAN FRANCISCO] Palantir Technologies reported a 48 per cent increase in revenue for the second quarter to more than US$1 billion, citing the 'astonishing impact' of artificial intelligence (AI) technology on its business. The data software company also raised its revenue outlook for the full year to US$4.14 billion to US$4.15 billion, exceeding analysts' prior expectation of US$3.91 billion. The shares gained about 4 per cent in extended trading after closing at US$160.66 in New York. Denver-based Palantir has seen its stock price surge more than 500 per cent over the past year, buoyed by high expectations from investors, growth in demand for AI tools and a deep reach into both the private and public sectors. The company's US$1 billion revenue in the period ended Jun 30 exceeded analysts' average estimate of US$939 million. It said growth was particularly strong in the US, where sales jumped 68 per cent to US$733 million. Palantir said adjusted earnings per share for the quarter were 16 US cents, exceeding analyst expectations of 14 US cents. In a letter to shareholders, chief executive officer Alex Karp lingered on the company's at-times tenuous relationship with Wall Street. 'The sceptics are admittedly fewer now, having been defanged and bent into a kind of submission,' he wrote. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He also said that AI breakthroughs had helped fuel Palantir's growth, pointing to the development of large language models and the chips required to power them. Going forward, Karp said that Palantir planned to be the 'dominant software company of the future', and added, 'the market is now waking up to this reality'. Palantir has long played a role as a key US government contractor, working with both the US military, those of allied countries such as Ukraine, and partnering with new defence tech startups. The company's US government revenue climbed 53 per cent in the quarter to hit US$426 million. Meanwhile, its revenue from commercial contracts in the US climbed even quicker, rising 93 per cent for the year to hit US$306 million. In his letter to shareholders, Karp emphasised Palantir's commitment to defence tech, writing that the US is 'the most consequential country in the West', and adding, 'it must be protected'. BLOOMBERG
CNA
23 minutes ago
- CNA
Diners welcome colour-coded labels at nasi padang, economy rice stalls but call for clearer prices
SINGAPORE: When part-time driver Yam Sok Chi visited Hjh Maimunah's outlet at Parkway Parade last week, she noticed something new – each dish was labelled with a colour code indicating its price. 'This is a very clear picture,' said the 70-year-old, who dines at the Kopitiam outlet two to three times a week. 'Nothing better than to look at the price and order according to the price that you can afford.' The colour-coded labels were recently introduced at the nasi padang chain's Parkway Parade outlet and will soon be rolled out at all nine of its mini outlets, the Consumers Association of Singapore (CASE) said in a media release in late July. This follows a similar collaboration between CASE and Koufu in March, with colour-coded price labels to be implemented at 77 economy rice stalls by the end of the year. At Koufu, labels categorise dishes such as seafood (S$2.50), meat (S$1.50) and vegetables (S$1), while premium items are individually priced. Hjh Maimunah's dishes are colour-coded with prices that range from S$1.50 to S$4.50. Speciality items, such as tahu telur and ayam bakar, have grey tags, and customers will have to ask staff for prices. CASE president Melvin Yong said the introduction of price labels aims to improve price transparency and help customers make informed choices before they order. Diners have often expressed frustration over unclear pricing at such stalls. Dr Teo Kay Key, a research fellow at the Institute of Policy Studies, said customers rarely calculate total costs while ordering. 'So sometimes if the total price they have to pay is not within expectations, then it can lead to some contention,' she said. With colour codes, stalls can avoid disputes by showing that they are not charging a random price, she added. ROOM FOR IMPROVEMENT When CNA visited Hjh Maimunah's Parkway Parade outlet and the economy rice stall at Koufu at Plantation Plaza last week, most of the 14 diners interviewed supported the initiative. At Plantation Plaza, a 23-year-old fresh graduate who gave her name as Lynsie said she checks the colour codes when she wants to save money. 'Sometimes if I'm just very hungry, I just want to eat what I want to eat regardless of the price, I don't care about the colour so much,' she added. Production operator Mdm Toh, 60, did not notice the labels but said the idea was 'not bad'. 'I'm old, I don't know. I just see what I want, then order,' she said in Mandarin. She spent S$4.70 on her meal. Mr Khor Jun Han, 25, who oversees operations at Hong Le Mixed Veg Rice stall at Plantation Plaza's Koufu, said feedback has been positive. 'Customers say prices are more transparent. Sometimes when they come, they have a budget in mind,' he said in Mandarin. He explained that some premium dishes cannot have a fixed price point because ingredient costs can vary. Still, some felt the system could be clearer. At Parkway Parade, housewife Daria Wati said she only noticed a small A5-sized price chart at the cashier after picking her food. 'Because at first we don't know, then we go to the cashier, then we see it's like (this price),' said the 49-year-old. A diner who gave his name as Mr Ching questioned why the actual prices could not be shown directly on dishes so that customers would not have to refer to a price list. 'If you put the price there, easier what,' said the 55-year-old logistics manager, adding that he had not even noticed the colour-coded tags at Hjh Maimunah. WHY NOT LABEL BY PRICE? Ms Maria Didih, Hjh Maimunah's operations director, told CNA that labelling each of the outlet's 50-plus dishes individually would confuse customers. She added that dishes may have different prices for larger portions or takeaway orders. 'It's a bit hard for us, nasi padang, because there are a lot of prices. The best is actually for us, for our mini outlets, at least we put the per portion price in terms of colour code,' she said. Items tagged with grey "ask the server" tags, such as asam pedas fish roe, are seasonal and typically priced above regular tiers, making fixed pricing difficult, she added. Hjh Maimunah plans to gather feedback from the Parkway Parade outlet before expanding the initiative to its other mini branches. Its restaurants in Joo Chiat and Jalan Pisang, which offer more than 60 dishes, may adopt the system later. Other economy rice and nasi padang businesses CNA spoke to expressed concerns about adopting a similar system. Mr Terry Soh, who works at an economy rice stall in a food court in Katong, said he has too many variations of dishes to categorise them simply as "meat" or "vegetables" as Koufu stalls do. 'Customers may also get confused. So we don't use colour codes, we just communicate the prices verbally,' he said in Mandarin. He also raised concerns about hygiene and practicality in labelling each dish. Mr Mohamad Ariff Mohamad Zin, executive chef of nasi padang chain Rumah Makan Minang, said the colour-coded system is 'a good idea' for hawker-style setups but will not be adopted at his restaurants. His team instead provides menus with price ranges and breakdowns on receipts. He added that restaurant diners value ambience, while hawker customers may want quicker service – something colour coding could support. EFFECTIVENESS OF COLOUR-CODING Associate Professor Lau Kong Cheen, head of the marketing programme at Singapore University of Social Sciences, said that colour codes work only if pricing charts are clearly visiable to customers before they make their selection. 'Mistakes that some stalls commit are that they display this at the cashier counter after the customers have selected their food, not knowing the price that each colour code represents ... that defeats the purpose,' he said. Although labelling every item with a price would be ideal, he noted that it may be impractical and unhygienic. Inked tags are exposed to oil and water, and prices can change frequently. 'Thus far, colour-coded tags tend to be most feasible, safe and cost-effective to implement,' he said. Associate Professor Walter Theseira, a labour economist at the same university, added that the overall layout and number of colour codes also impact the system's effectiveness. 'I still think it would be difficult for an occasional customer to understand the system, particularly since there are quite a few price grades offered,' he said. Ultimately, as pricing displays are not regulated, he said only voluntary efforts from stallholders – such as those by Hjh Maimunah – can improve market practices.
CNA
an hour ago
- CNA
Americans face price rises for luxury watches after Trump's Swiss tariffs
Switzerland's watch industry is facing a threat to sales after Donald Trump said he would impose 39 per cent tariffs on the country, raising the prospect of significantly higher prices in one of its biggest markets. The elevated levy will push prices up for US consumers and hit volumes at some brands, analysts warned. The US accounted for 16.8 per cent of Swiss watch exports in 2024, worth roughly SFr4.4bn (US$5.4 billion, S$6.96 billion). Swiss manufacturers The Swatch Group and Richemont, as well as London-listed Watches of Switzerland, a big Rolex and Patek Philippe dealer, all face 'pain' if tariffs kick in next week as planned, Jefferies said. At 39 per cent, the levy exceeds the 31 per cent proposed by Trump on 'liberation day' in April, and far outstrips the 15 per cent facing Switzerland's EU neighbours. Even at the lower rate, some retailers previously said they would need price rises 'in the mid to high teens' to preserve US gross profit, according to Jefferies. Watches of Switzerland shares fell 8 per cent in London trading on Friday. The company said it would 'continue to work closely with our brand partners to mitigate any potential impact'. Brian Duffy, chief executive, said the tariff level was 'a shock' but insisted the business was better positioned than some rivals, with its wealthy customers, many of whom wait years for chosen timepieces, able to bear higher prices. 'Half our business is in the US and half is waiting lists. It impacts us less than others,' he added. 'Demand for watches still exceeds supply.' The company — which had already warned investors of the impact of tariffs, saying last month that some of the brands it sells had already raised prices in the US — will try to bring forward orders and ship stock earlier to beat the changes. However, it is limited by how much stock is on hand, and Duffy acknowledged that watches 'could get more expensive' in the US. Barclays warned that even high-end brands such as Rolex and Patek Philippe — which deliberately limit supply to boost desirability and value — may struggle with such steep tariffs, while 'non-supply-constrained brands will find substantial price increases more difficult' and risk volume declines. The tariffs compound existing issues for Swiss watchmakers. The weaker dollar — down roughly 5 per cent against the Swiss franc since mid-2024 — had already made Swiss watches more expensive for American consumers. June export data showed Switzerland's watch exports to the US were down 18 per cent on a year earlier. Swiss watch exports have been weakening overall, declining by 2.8 per cent to SFr26bn in 2024 — the first annual drop since a pandemic rebound in 2020. Vincent Subilia, head of Geneva's chamber of commerce, warned that 'the US consumer will unfortunately have to pay the price' of what he labelled an 'irrational' US tax policy. Oliver Muller, founder of LuxeConsult, which advises the watch industry, said Swiss watchmakers were 'perceiving the punitive new custom duties . . . as being particularly unfair, because we are not threatening any US-based industry . . . Apart from a few niche watch brands, the US watch industry disappeared a long time ago.'
