Palantir’s US commercial revenue overtakes government sales
The company raised its full-year revenue outlook after quarterly sales reached US$2.31 billion, exceeding analysts’ expectations.
Palantir reported US$984 million in third-quarter revenue from US commercial customers, up 148% from a year earlier. That exceeded its US government business for the first time, with government revenue rising 96% to US$953 million, the company said.
Overall quarterly revenue reached US$2.31 billion, a 96% increase and its first result above US$2 billion. The figure surpassed the US$2.18 billion forecast by analysts in LSEG estimates cited by CNBC. Adjusted per-share earnings were 44 cents, compared with expectations of 41 cents.
Net income climbed from US$476 million a year earlier to US$1.13 billion, equivalent to 44 cents per share.
The company increased its revenue guidance for the full year to US$8.530 billion–US$8.534 billion, representing 91% growth. Analysts’ average estimate was US$8.2 billion, according to Bloomberg-compiled data. Palantir forecast approximately US$2.65 billion in fourth-quarter revenue.
For its US commercial business, Palantir projected annual revenue above US$3.559 billion, an increase of at least 143%. Its forecast three months earlier was US$3.42 billion. During the quarter, it closed 212 deals valued at US$1 million or more, including 64 worth at least US$10 million.
Palantir held US$10.4 billion in cash and US Treasury securities at the end of September. Its shares finished the New York trading session at US$178.34, down 3.1%, Bloomberg reported.
