Palantir (PLTR) on Monday beat Wall Street estimates for its third-quarter revenue and profit and raised its full-year revenue outlook as the data software company’s U.S. business exceeded its sales to the U.S. government for the first time.
Palantir reported third-quarter revenue of $2.313 billion, an increase of 96% from the previous year. Wall Street expected revenue of $2.17 billion, according to Bloomberg data.
Palantir now sees full-year revenue of between $8.530 billion and $8.534 billion, beating analyst estimates of $8.2 billion. The company also raised its U.S. commercial sales target to more than $3.559 billion. Adjusted earnings per share of $0.44 also beat consensus estimates of $0.40.
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What else do you need to know: Palantir’s stock is up about 2% year to date, even though the company has been caught up in the recent tech selloff. The stock weathered headwinds earlier this year after fears of AI disruption hit the entire software complex.
Palantir has often pushed back on these concerns, arguing that the enterprise AI market falls into two camps: companies that pay millions of dollars for model tokens only to receive “AI slops” and those that use the company’s underlying infrastructure layer.
Palantir’s business activities have accelerated sharply, building on the momentum of its historically dominant U.S. government base.
Earlier this year, Palantir’s Maven Smart System became an official Pentagon program, cementing its multi-year role in US military AI projects.
Wall Street is mostly bullish on the stock, with 30 buy ratings, nine holds and two sells, and a consensus price target of $216 per share.
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