Palantir Technologies ($PLTR) late Monday reported third-quarter results that beat estimates by analysts amid surging demand for artificial intelligence platforms. Adjusted per-share earnings in the three months ended Sept. 30 rose to $0.10 from $0.07 a year earlier, topping the Capital IQ-polled consensus of $0.09.
Revenue climbed 30% to $725.5 million, exceeding Wall Street's $703.7 million estimate. The software maker's shares rose 13% in after-hours trade. 'It is the speed with which institutions in the US, in particular, have adopted our platforms and artificial intelligence capabilities more broadly that has been, and we believe will continue to be, the driver of our growth,' Chief Executive Officer Alexander Karp said in a shareholder letter.
US revenue advanced 44% to $499 million, driven by a 54% jump in commercial. For 2024, Palantir boosted revenue guidance to a range of $2.805 billion to $2.809 billion from $2.74 billion to $2.75 billion. Market projections point to $2.76 billion. The company increased guidance for adjusted income from operations to the range of $1.054 billion to $1.058 billion from $966 million to $974 million.
Palantir expects fourth-quarter revenue of $767 million to $771 million, compared with the Street's $744 million estimate. The company projects adjusted income from operations of $298 million to $302 million, compared with the third quarter's $275.5 million. Price: 46.88, Change: +5.47, Percent Change: +13.21.