- Palantir reported third-quarter earnings on Tuesday that beat analysts’ expectations on revenue and met earnings estimates.
- The company said it expects revenue for the current quarter to come in at $418 million, which is higher than the current estimate of $402 million.
Palantir, which makes software and analytics tools for government and large corporations, reported third quarter earnings On Tuesday, it beat analysts’ expectations on revenue and met earnings estimates.
Shares were up 5 per cent in premarket trading on Tuesday morning.
Here’s how the company compared to analyst expectations:
- EPS: Refinitiv. 4 cents vs. 4 cents adjusted according to
- Revenue: Refinitiv. As per $392 million versus $385 million estimated
Palantir’s revenue rose 36% year-over-year to $392 million. That’s a slowdown for two consecutive quarters of 49% year-over-year growth, but the company also provided a strong outlook for the current quarter. Palantir said it expects revenue of $418 million, beating current Refinitiv estimates of $402 million..
The company said revenue for the full year is expected to be approximately $1.53 billion, or 40% year-over-year growth. Palantir also confirmed that it expects annual revenue growth of 30% or more by 2025.
Palantir, which supplies data analytics software to government agencies, was founded in 2003 by tech investors Peter Thiel, Joe Lonsdale, CEO Alex Karp, and others. It went public last September via a direct listing on the New York Stock Exchange and had a market cap of over $44 billion at market close on November 8.
Some of its major clients include US government agencies such as the Department of Defense. In recent years, Palantir has sought to diversify its business and has seen increased demand for its technology during pandemics, as countries sought to sift through health data. In July, the Department of Health and Human Services Palantir. renewal of an agreement with To use its software to track vaccine distribution.
During the quarter, U.S. Commercial revenue increased 103% year-over-year and its commercial customer count was up 46% from the previous quarter, Palantir said. The company did not break government revenue.
Palantir added 34 net new customers in the third quarter and closed 33 deals worth $5 million or more and 18 deals worth $10 million or more.