Shares of Palantir closed up 20% Thursday after the company released third-quarter earnings that beat analysts’ expectations and raised full-year revenue guidance.
Here’s how the company did:
Earnings per share: 7 cents, adjusted vs. 6 cents expected by LSEG, formerly known as RefinitivRevenue: $558 million vs. $556.1 million expected by LSEG
Palantir’s revenue for the third quarter increased 17% to $558 million, from $478 million a year earlier. The company reported a net income of $72 million, or 3 cents per share, compared with a net loss of $123.9 million in the year-ago quarter.
The company’s third-quarter results mark its fourth-straight quarter of profitability, which means it is eligible for inclusion in the S&P 500. Palantir reported its first profitable quarter in February this year.
Alex Karp, co-founder and CEO of Palantir, arrives for a U.S. Senate bipartisan Artificial Intelligence Insight Forum at the U.S. Capitol in Washington, D.C., on Sept. 13, 2023.
Stefani Reynolds | Afp | Getty Images
Palantir said it expects to report between $599 million and $603 million in revenue during its fourth quarter and raised its revenue guidance for the full year between $2.216 billion and $2.22 billion. In its second quarter, Palantir said it expected $2.212 billion for the full year, above the midpoint of its forecast from May.
The company is known for its defense and intelligence work with the U.S. government, and during its quarterly call with investors, CEO Alex Karp addressed the ongoing Israel-Hamas war.
“Palantir only supplies its products for Western allies,” Karp said. “We’ve never supplied our products to enemies. We proudly support the U.S. government. I am proud that we are supporting Israel in every way we can.”
Palantir’s U.S. commercial revenue grew 33% year over year. Palantir said its U.S. commercial customer count increased 37% year over year, growing from 132 customers to 181 customers.
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