Palantir reports strong Q3 earnings, revenue up 30%, raises guidance, shares jump 13%.

From CNBC: 2024-11-04 17:32:26

Palantir Technologies CEO Alex Karp’s appearance on Bloomberg TV led to a 13% jump in Palantir’s shares after strong third-quarter results. Revenue hit $726 million, up 30% year over year, with net income at $143.5 million. The company raised its 2024 revenue guidance range to $2.805 billion to $2.809 billion, a 26% growth rate.

The growth was driven by AI demand, particularly in Palantir’s U.S. government customer base. The company reported a strong financial performance, exceeding expectations. Palantir’s fourth-quarter revenue guidance is between $767 million to $771 million, surpassing analyst expectations of $741.4 million.

Palantir’s international commercial revenue was down 7% due to challenges in Europe and decreased revenue from a government-sponsored customer in the Middle East. The company aims for $1.054 billion to $1.058 billion in adjusted operating income for the year, above analysts’ consensus of $980.0 million.

In September, Palantir was included in the S&P 500 stock index, boosting its visibility. The company’s shares have surged 141% in 2024, outperforming the Nasdaq’s 21% gain.



Read more at CNBC:: Palantir (PLTR) Q3 earnings report 2024