Total quarterly revenue reached $2.31 billion, nearly doubling from the prior year alongside a significant jump in net income to $1.13 billion. For the first time, domestic corporate sales exceeded federal contracts, generating $984 million compared to $953 million from public-sector clients. Following these results, management raised its full-year domestic enterprise revenue forecast to exceed $3.56 billion. The growth comes as chief executive Alex Karp continues to push for regulatory oversight and caution against rival AI labs compromising corporate data.
Key points
Enterprise adoption of artificial intelligence software has turned commercial clients int…: Enterprise adoption of artificial intelligence software has turned commercial clients into the company's primary domestic revenue driver.
Management increased its full-year domestic corporate revenue projection to more than $3.…: Management increased its full-year domestic corporate revenue projection to more than $3.56 billion following the strong quarter.
Chief executive Alex Karp continues to urge technology executives to take responsibility…: Chief executive Alex Karp continues to urge technology executives to take responsibility for artificial intelligence risks amid regulatory discussions.
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Palantir beat Wall Street's third-quarter estimates after the bell on Monday, with U.S. commercial revenue topping government for the first time as businesses adopt more of the company's artificial intelligence tools.
Here's how the company did compared to LSEG estimates:
- Earnings per share: 44 cents adjusted vs. 41 cents expected
- Revenue: $2.31 billion vs. $2.18 billion expected
Revenue nearly doubled from a year ago and blew past $2 billion for the first time ever, Palantir said. Net income more than doubled to $1.13 billion, or 44 cents per share, from about $476 million, or 18 cents per share.
Palantir has long been known for its strength in the government sector, but its commercial segment caught up in Q3.
U.S. commercial revenue jumped 148% to $984 million, surpassing U.S. government revenue of $953 million, which was up 96%. The company's U.S. commercial revenue has more than quintupled over the last two years.
Palantir lifted its guidance, saying it now expects U.S. commercial revenue "in excess of" $3.56 billion for the full year. Last quarter, the company boosted its forecast…
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