Key facts
- Palantir's third-quarter revenue of $2.31 billion was the first time it surpassed $2 billion, and rose 20% from the previous quarter.
- US commercial revenue reached $984 million, up 148% from the year-ago quarter, against $953 million in US government revenue.
- US enterprise total contract value fell to $1.46 billion from a record $2.13 billion in the prior quarter.
- CEO Alex Karp told analysts customers are signing shorter-duration contracts with the ability to expand them dramatically.
- Palantir raised its US commercial revenue guidance to in excess of $3.559 billion, a growth rate of at least 143%.
Palantir reported third-quarter revenue of $2.31 billion on Monday, up 96% from a year earlier and 20% from the previous quarter. The figure beat analysts' expectations of $2.18 billion, and adjusted earnings per share of $0.44 came in above the $0.41 analysts expected. The company raised its full-year revenue guidance.
US commercial revenue reached $984 million, up 148% from the year-ago quarter, and surpassed US government revenue of $953 million for the first time. Palantir attributed enterprise demand to AI software that runs frontier models and custom-trains open-weight models without sharing customer data with outside AI labs.
Total contract value from US enterprises was $1.46 billion in the quarter, down from a record $2.13 billion in the previous quarter. On the quarterly conference call, CEO Alex Karp said customers were signing shorter-duration contracts with the ability to expand them dramatically. Palantir raised its US commercial revenue guidance to in excess of $3.559 billion, a growth rate of at least 143%.
Palantir shares were trading slightly lower on Tuesday.