Palantir Technologies ($PLTR) late Monday reported third-quarter results that surpassed analyst estimates, driven by increasing demand for artificial intelligence platforms. Adjusted per-share earnings for the three months ending September 30 rose to $0.10 from $0.07 a year earlier, surpassing the consensus from Capital IQ of $0.09.
Revenue increased by 30% to reach $725.5 million, exceeding Wall Street's projection of $703.7 million. Following the results, the software maker's shares experienced a 13% uplift in after-hours trading. Chief Executive Officer Alexander Karp commented in a shareholder letter, "It is the speed with which institutions in the US, especially, 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." U.S.
revenue saw a significant advance of 44%, reaching $499 million, thanks to a notable 54% jump in the commercial segment. Looking ahead to 2024, Palantir has increased its revenue guidance to a range of $2.805 billion to $2.809 billion from a previous estimate of $2.74 billion to $2.75 billion. Market projections indicate expectations of $2.76 billion.
Furthermore, the company has raised its guidance for adjusted income from operations to between $1.054 billion and $1.058 billion, compared to a previous range of $966 million to $974 million. For the fourth quarter, Palantir anticipates revenue between $767 million and $771 million, exceeding the Street's estimate of $744 million.
Additionally, the company expects adjusted income from operations in the range of $298 million to $302 million, compared to last quarter's figure of $275.5 million. Price: 46.88, Change: +5.47, Percent Change: +13.21.