Palantir Technologies CEO Alex Karp speaks on Bloomberg Television during the FoundryCon event in Palo Alto, California, March 7, 2024.
David Paul Morris | David Paul Morris Bloomberg | Getty Images
Palantir Shares rose 13% in after-hours trading on Monday after the data analytics software maker reported strong third-quarter results and revenue guidance.
Here’s how the company compares to the LSEG consensus forecast:
- Earnings per share: Adjusted 10 cents, expected 9 cents
- income: $726 million vs. $701 million expected
“Our performance this quarter was absolutely dismal, driven by continued demand for artificial intelligence,” Palantir co-founder and CEO Alex Karp wrote in the company’s report. earnings release.
Palantir’s revenue increased 30% year-over-year this quarter. Net income was $143.5 million, or 6 cents a share, up from $71.5 million, or 3 cents a share, a year earlier.
Karp called on the company’s U.S. government customer base to adopt artificial intelligence.
“Our business growth is accelerating and our financial results are exceeding expectations as we meet unwavering demand for the most advanced artificial intelligence technology from U.S. government and commercial customers,” Karp said in a statement. Letter to shareholders.
In terms of guidance, Palantir expects fourth-quarter revenue of $767 million to $771 million. Analysts polled by London Stock Exchange Group (LSEG) expected the company to be valued at $741.4 million.
Palantir raised its full-year 2024 revenue range. August. The new range implies growth of 26% this year. The LSEG consensus is $2.76 billion. The company’s U.S. commercial revenue target for this year is more than $687 million, accounting for about 24% of total revenue.
“The speed at which our platform and AI capabilities are more broadly adopted by institutions, particularly in the U.S., has been and we believe will continue to be a driver of our growth,” Karp wrote in a note. shareholder letter. “As the United States moves forward again, our allies and partners in Europe are being left behind.”
Palantir finance chief David Glazer said on a conference call with analysts that international commercial revenue fell 7% from the second quarter due to challenges in Europe and lower funding from government-funded customers in the Middle East.
Palantir is targeting adjusted operating income of $1.054 billion to $1.058 billion this year. That was higher than the $980 million consensus among analysts polled by StreetAccount.
In September, S&P Global announced that Palantir would be added to the S&P 500 stock index.
Palantir shares were up 141% in 2024 as of Monday’s close, while the tech-heavy Nasdaq was up 21%.
This is breaking news. Please check back for updates.
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