Palantir shares pop 14% after its third-quarter results beat estimates

Earnings

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Alex Karp, co-founder and CEO of Palantir arrives for a US Senate bipartisan Artificial Intelligence (AI) Insight Forum at the US Capitol in Washington, DC, on September 13, 2023.
Stefani Reynolds | Afp | Getty Images

Shares of Palantir popped 14% in premarket trading Thursday, after the company released third-quarter earnings that beat analysts’ expectations and raised full-year revenue guidance.

Here’s how the company did:

  • Earnings per share: 7 cents, adjusted, vs. 6 cents expected by LSEG, formerly known as Refinitiv
  • Revenue: $558 million vs. $556.1 million expected by LSEG

Palantir’s revenue for the third quarter increased 17% to $558 million, from $478 million a year earlier. The company reported a net income of $72 million, or 3 cents per share, compared with a net loss of $123.9 million in the year-ago quarter.

The data analytics company’s U.S. commercial revenue grew 33% year over year. Palantir, which is known for its work with the government, said its U.S. commercial customer count increased 37% year over year, growing from 132 customers to 181.

Palantir said it expects to report between $599 million and $603 million in revenue during its fourth quarter and raised its revenue guidance for the full year between $2.216 billion and $2.22 billion. In its second quarter, Palantir said it expected $2.212 billion for the full year, above the midpoint of its forecast from May.

The company will hold its quarterly call with investors at 8:00 a.m. ET.

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