Palantir Technologies Inc. delivered a surprise profit for the second quarter in a row Monday, while also topping revenue expectations, sending shares more than 10% higher in after-hours trading.
Palantir posted its first-ever quarter of GAAP profitability three months ago, and management expects the company to do so in each remaining quarter of 2023. Revenue rose to $525 million from $446 million, while analysts were modeling $506 million. Though government revenue of $289 million matched analyst expectations, Palantir’s $236 million in commercial revenue exceeded the consensus view, which was for $217 million.“Our momentum and growth in the United States continues and reflects the speed with which American institutions are capable of embracing new technology,” Chief Executive Alex Karp said in a shareholder letter.
Chief Revenue Officer Ryan Taylor told MarketWatch that the “challenge” of “how you apply AI to enterprise data” resembles Palantir’s broader work helping companies deal with large-scale sets of data. There has been “huge demand from customers reaching out [and] wanting to adopt solutions.”
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