Palantir Earnings Top Estimates Thanks to AI Boost

Palantir posted better-than-expected financial results for the third quarter, getting a boost to its commercial business from its push into AI-powered analytics applications. But some investors may be disappointed by slower growth in the company’s government business.

Palantir said commercial revenue was up 23% to $251 million, well above the Street consensus forecast at $234 million. That includes a 33% increase in U.S. commercial business to $116 million—a 19% increase sequentially. CEO Alex Karp said in a letter to shareholders that the strength is attributable to “growing demand” for the company’s recently launched AI platform.

“Companies across industries in the United States are scrambling to deploy software platforms that will allow them to leverage the power of the latest large language models,” Karp wrote in the letter. “And we have built what they need.” Government revenue in the quarter was $308 million, up 12% from a year ago, but falling shy of Street consensus at $321 million. “It’s just a lumpy business,” Karp said. “We’re seeing unprecedented levels of inquiries for our products, and we’re optimistic that will break in our direction sometime in the near future.”

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