Palantir Technologies Inc (PLTR)

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Palantir plans to hire a couple hundred people even in the face of an economic downturn, CEO says
By: Morningstar | January 17, 2023

At Davos, Palantir chief executive Alex Karp said the software company expects to expand while still preparing for political and economic upheaval

Here's one tech company that's still expanding.

Palantir (PLTR) expects to add a couple hundred people to its 3,500 staff this year, CEO Alex Karp told Reuters during the World Economic Forum in Davos.

The planned hiring follows years of expansion by the U.S. software company, and it comes despite many other companies in the technology sector -- such as Cisco (CSCO), Amazon (AMZN), Salesforce (CRM) and Facebook parent Meta (META) -- announcing mass layoffs in the face of economic uncertainty.

Read more:'It was not sustainable or real': Tech layoffs approach Great Recession levels

Indeed, two-thirds of surveyed public and private sector economists at the World Economic Forum said they expect a global recession this year, with almost one in five (18%) saying it's "extremely likely."

"The current high inflation, low growth, high debt and high fragmentation environment reduces incentives for the investments needed to get back to growth and raise living standards for the world's most vulnerable," said WEF managing director Saadia Zahidi in a statement.

But Palantir has been bracing for the worst, said Karp, planning for political upheaval, war and a slowing economy. Yet he admitted that the company didn't see the COVID-19 pandemic coming. Karp added that, "the only disaster I think we did not predict" was COVID. And he joked that Palantir had "a basement filled with things prepared (but) no masks."

Still, even though Karp also said that Palantir has been performing well in the United States, the United Kingdom and Canada, he is aware that "things could get much, much worse, and then of course everything's on the table."

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