Palantir Technologies Inc. just notched its fourth quarterly GAAP profit in a row, and executives at the software company are cheering its traction in artificial intelligence.
With Palantir’s streak of GAAP profits, it’s now eligible for inclusion in the S&P 500, though it’s up to the index committee which companies get to join. Revenue rose 17% to $558 million in the third quarter, edging consensus expectations for $556 million. Palantir enjoyed upside in its U.S. commercial business, which posted 33% top-line growth and benefited from demand for the company’s Artificial Intelligence Platform, known as AIP.“This whole quarter was driven by the strength of the U.S. commercial business,” Chief Financial Officer David Glazer told MarketWatch, adding that AIP is “really on fire.
Palantir almost tripled the number of customers using AIP last quarter, marking “the tip of the iceberg in terms of what we’re doing with AI,” according to Taylor.
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