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Palantir Technologies Inc. raised its annual revenue outlook to $4.4 billion and outpaced analyst estimates for third-quarter sales, citing “accelerating and otherworldly” growth for its artificial intelligence and data analytics products.
Revenue increased 63% to $1.18 billion in the period ended in September, the company said Monday in a statement. Analysts, on average, estimated $1.09 billion. In the current quarter, sales will be about $1.33 billion, compared with an average projection of $1.19 billion.
Palantir has reported revenue above analyst estimates for 21 consecutive quarters, according to data compiled by Bloomberg.
“We are in a nosebleed zone,” Palantir Chief Executive Officer Alex Karp said in an interview Monday. “No one else is here.”
Profit, excluding some items, was 21 cents a share, compared with analysts’ average estimate of 17 cents.
Palantir has been one of the biggest public beneficiaries of the artificial intelligence boom. The company sells its AI software to both governments and companies, and has become a key provider to the US and its allies.
Founded in 2003 with backing from Peter Thiel and the venture arm of the CIA, Palantir’s software organizes information from disparate data sources and prompts customers to make better decisions, using AI tools to make those calls more quickly. In corporate settings, this can mean finding ways to save money. On the battlefield this can mean shortening the time from identifying a threat to neutralizing it.
Today's show features:
- Bloomberg Businessweek Senior Reporter Max Chafkin with reaction to quarterly earnings from Palantir
- Megan Horneman, Chief Investment Officer at Verdence Capital Advisors, on whether investors are facing a bubble amid continued bets on big tech and artificial intelligence
- Bloomberg News Consumer Reporter Redd Brown with US IPO and Deals Reporter Ryan Gould on Kimberly-Clark agreeing to buy Tylenol-maker Kenvue for $40 billion
- Adam Goldstein, Founder and CEO of Archer Aviation on next-generation transportation and the economic opportunities afforded by eVTOLs
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