Palantir Technologies, a data analytics firm, is predicting that its revenue for the fourth quarter will exceed market expectations. The company is experiencing a strong demand for its new artificial intelligence platform, which is being utilized by clients, including US […]
Palantir Technologies, a data analytics firm, is predicting that its revenue for the fourth quarter will exceed market expectations. The company is experiencing a strong demand for its new artificial intelligence platform, which is being utilized by clients, including US government agencies. Prior to trading on the stock exchange, Palantir’s shares rose nearly 13%.
Palantir expects revenue between $599 million and $603 million, with the midpoint of this range surpassing analysts’ estimates of $600.5 million in revenue. This is a positive sign for future demand for the new platform, as the company has reported a strong interest in the “AI bootcamps” it organized during October to provide clients with access to the platform for a period of one to five days. According to Ryan Taylor, Chief Revenue Officer at Palantir, there are plans to hold bootcamps with 140 organizations by the end of November, with half of them taking place this month.
The number of users on Palantir’s AI platform nearly tripled during the period from July to September. The company’s revenue in the third quarter increased by 17% to $558 million, slightly above expectations. However, revenue from government clients, a key source of sales, only grew by 12%, which is below Wall Street expectations and the 15% growth recorded in the previous quarter. The company stated that budget constraints at the government level have created uncertainty in its business in the near future, but Palantir remains optimistic about demand, especially considering the geopolitical tensions.
Revenue from commercial clients increased by 23% to $251 million, with half of that amount coming from the United States, where demand was stronger than in Europe. Adjusted net income attributable to the company’s shareholders amounted to $155 million, representing a nearly 30% growth compared to the previous quarter.