Palantir Technologies Soars on Impressive Q3 Earnings
Revenue Skyrockets 30% Year-Over-Year
Palantir Technologies, a leading analytics software provider, has exceeded analysts’ expectations with its third-quarter earnings, sending shares surging over 11% in extended trading. The company reported a remarkable revenue of $725.52 million, a significant 30% increase from the same period last year.
Net Income Beats Projections
Palantir’s net income stood at $143.53 million, or 6 cents per share, surpassing projections and more than doubling its net income of $71.51 million, or 3 cents per share, in the same quarter last year.
U.S. Commercial Revenue Sees Significant Growth
The company’s U.S. commercial revenue witnessed a substantial 54% growth, reaching $179 million. According to Palantir CEO Alexander C. Karp, the strong results are driven by the relentless demand for artificial intelligence (AI).
Fourth-Quarter and Full-Year Forecasts Raised
Palantir has raised its fourth-quarter revenue forecast to $767 million to $771 million and its full-year forecast to revenue of between $2.805 billion and $2.809 billion, up from its previous estimate of $2.742 billion to $2.75 billion.
Shares Jump 141% for the Year
Following the impressive earnings report, Palantir’s shares have jumped an astonishing 141% for the year through Monday’s close, demonstrating the company’s remarkable growth and potential.
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