Palantir Technologies, a big data analysis firm reported an impressive 20% surge in its shares on Thursday following the release of its third-quarter earnings report. The results not only exceeded analysts’ expectations but also led to an upward revision in the company’s full-year revenue guidance. This has largely been the trend with tech companies in the most recent earnings report especially riding on the back of the US economy recording an over 4% GDP growth for in the last quarter after reports were revised.
The figures revealed that Palantir reported revenue of $558 million, marking a significant 17% increase compared to the same period the previous year. Additionally, the company’s adjusted earnings per share stood at 7 cents, outperforming the estimated 6 cents.
The impressive performance of Palantir can be attributed to growth across various customer segments, including government, commercial, and international sectors. Specifically, U.S. commercial revenue witnessed a robust 33% year-over-year growth, and the total customer count increased by 37% to reach 181.
CEO Alex Karp took the opportunity during the earnings call to address the Israel-Hamas conflict. He reiterated Palantir’s commitment to supplying its products exclusively to Western allies and expressed pride in supporting the U.S. government and Israel in every way possible.
These strong earnings results and the revised guidance reflect positively on Palantir’s long-term growth prospects. The company is well-positioned to capitalize on the increasing demand for big data analytics and artificial intelligence solutions, both in the government and commercial sectors.