Palantir shares rise after reporting 48 percent surge in revenue
Palantir’s share price jumped 8 percent Tuesday morning after the software analytics firm reported massive revenue growth last quarter.
The company posted a 48 percent year-over-year increase in revenue for the three-month period between April and June, crossing $1 billion for the first time.
“As usual, I’ve been cautioned to be a little modest about our bombastic numbers, but honestly there’s no authentic way to be anything but have enormous pride and gratefulness about these extraordinary numbers,” Palantir CEO Alex Karp said on a Monday evening earnings call.
U.S. commercial revenue nearly doubled, rising 93 percent to $306 million, while U.S. government revenue ticked up a strong 53 percent to $426 million. In the U.S. overall, the company saw 68 percent year-over-year growth.
“This is a perfect time for a revolution in the United States of America,” Karp added. “We are very, very bullish on America. We have some really crucial and important clients internationally ... but this is an American revolution.”
Palantir expects another $1 billion in revenue next quarter for an anticipated $4.1 billion in revenue for the full year.
The strong earnings call marks the latest in a series of wins for the company, which recently scored a contract with the U.S. Army worth $10 billion over the next decade.
It is the most recent tech firm to show off strong quarterly results as the artificial intelligence (AI) boom continues.
Microsoft’s stock popped last week after reporting $75 billion in annual revenue from its cloud computing platform Azure, briefly pushing the company’s valuation above $4 trillion. It is only the second company to cross the historic threshold, following Nvidia’s lead last month.
Microsoft, Meta, Google and Apple all promised new capital spending, as the pricey push to build out AI infrastructure continues.