The data analytics company posted $1.94 billion in quarterly revenue and lifted its full-year forecast to at least $8.15 billion
David Paul Morris/Bloomberg via Getty Images
Palantir $PLTR Technologies reported second-quarter revenue of $1.94 billion on Monday, up 93% from a year earlier, and raised its full-year revenue guidance to between $8.15 billion and $8.16 billion — well above the $7.65 billion to $7.66 billion range the company had previously forecast.
U.S. commercial revenue rose 149% year over year to $764 million, while U.S. government revenue grew 90% to $809 million. Total U.S. revenue reached $1.57 billion, a 115% increase from a year ago. Palantir also lifted its U.S. commercial revenue target for the full year to more than $3.42 billion — which the company said would represent at least 134% growth — compared with the $3.22 billion it had previously guided investors to expect.
Net income for the quarter was $1.06 billion, or 41 cents per diluted share; in the year-ago period, Palantir earned $326.7 million, or 13 cents per share. Adjusted earnings per diluted share also came in at 41 cents. Wall Street had been looking for adjusted earnings of 35 cents per share and $1.80 billion in revenue, according to CNBC.
"This quarter was otherworldly," Chief Executive Officer Alex Karp said in a statement. "Demand for AI sovereignty has now been unleashed."
In a CNBC interview, Karp said he expected the momentum to continue, telling the network the strong growth "looks like this is going to go on for at least another 18 months." He also pushed back on the business model of major AI labs. "Companies are paying to give away their most important secrets, the very basis for their competitive advantage," Chief Revenue and Legal Officer Ryan Taylor said during a livestreamed question-and-answer session, according to The Wall Street Journal.
Palantir closed $3.37 billion in total contract value during the quarter, up 49% year over year, including a record $2.13 billion in U.S. commercial contract value. U.S. commercial remaining deal value reached $6.24 billion, more than doubling from a year ago, the company said.
For the third quarter, Palantir guided for revenue of approximately $2.16 billion and adjusted income from operations of between $1.29 billion and $1.30 billion.
Palantir stock rose as much as 12% after the results were released.
The second-quarter results build on a strong first quarter, when Palantir posted $1.63 billion in revenue — 85% year-over-year growth — and raised its full-year outlook to $7.65 billion to $7.66 billion. At the time, U.S. commercial revenue had grown 133% and the company finished the quarter with 615 domestic commercial customers, a 42% increase from a year prior.
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.
