Palantir Technologies’ Quarterly Revenue Doubles, Tops $2 Billion for the First Time

[Financial News] Quarterly revenue at U.S. AI data analytics company Palantir Technologies topped $2 billion for the first time ever. The market focused in particular on commercial revenue surpassing government revenue for the first time.
According to local business news outlet CNBC, Palantir Technologies disclosed on the 2nd (local time) that third-quarter revenue surged 96% from the same period last year to $2.313 billion (about 3.1 trillion won). This was the first time since the company was founded that its quarterly revenue had topped $2 billion. The figure was above the market forecast of $2.18 billion compiled by UK market research firm London Stock Exchange Group (LSEG). Earnings per share (EPS) also came in at 44 cents, above the market expectation of 41 cents. Net income was $1.13 billion, more than double the approximately $476 million recorded in the same period last year.
Palantir Technologies provides software that helps companies and government agencies use their own data to build and operate AI systems. Its revenue has mainly come from government and military customers, but revenue from commercial customers is also surging as companies have recently rushed to adopt AI tools. Palantir Technologies’ U.S. commercial revenue has grown at least fivefold over the past two years.
Palantir Technologies said third-quarter commercial revenue surged 148% year over year and 29% from the previous quarter to $984 million. U.S. commercial revenue surpassed government revenue ($953 million) for the first time ever in the third quarter. Total U.S. revenue reached $1.937 billion, up 119% year over year.
Palantir Technologies forecast that the revenue momentum would continue into the fourth quarter, with revenue rising further to between $2.649 billion and $2.653 billion. It also sharply raised its full-year revenue forecast, from a previous ceiling of $8.158 billion to as much as $8.534 billion (about 11.5 trillion won).
Palantir Technologies CEO Alex Karp said, “The era of ‘sovereign AI’ was made especially for Palantir. Our products trigger a self-improving virtuous cycle that connects and aligns workflows with the optimal models and strengthens collaboration between us and our partners.”
Palantir Technologies shares closed down 3.13% at $178.34 in regular trading that day. However, they rose 1.52% in after-hours trading following the earnings announcement.
[email protected] Park Jong-won Reporter