Palantir's third-quarter revenue grew 96% to $2.31 billion and U.S. commercial revenue surpassed U.S. government revenue for the first time, but enterprise sales showed signs of slowing and total contract value from U.S. enterprises declined from the previous quarter.
Illustrative image · Source: TechCrunch · Palantir CEO Alex Karp · Rights unverified · Reencoded as WebP with metadata removed. Display may be resized or cropped.
Palantir reported third-quarter revenue of $2.31 billion, a 96% year-over-year increase and the first time it surpassed the $2 billion mark, according to the report. Revenue also grew 20% from the previous quarter and beat analysts' expectations of $2.18 billion, while adjusted earnings per share came in at $0.44 versus expectations of $0.41. The company raised its full-year revenue guidance.
U.S. commercial revenue surpassed U.S. government revenue for the first time, with $984 million in commercial contracts, up 148% from the year-ago quarter, versus $953 million in U.S. government revenue. Despite the results, the stock traded slightly down on Tuesday because enterprise sales, a major growth area, showed signs of slowing.
CEO Alex Karp told analysts that commercial customers are moving faster, with quicker deployment and shorter contract duration but an ability to expand contracts dramatically. The article notes that corporations are willing to quickly try AI software but are also more willing to cancel contracts.
The company closed $1.46 billion of total contract value from U.S. enterprises in the quarter, a decline from the record-setting $2.13 billion in the previous quarter, which the article says suggests decelerating sales at least last quarter. Palantir increased guidance for U.S. commercial revenue to be in excess of $3.559 billion, representing a growth rate of at least 143%.
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