Palantir (PLTR) Q3 2024 Earnings Report

Palantir Shares rose 13% in extended trading on Monday after the data analytics software maker reported robust third-quarter results and revenue guidance.

Here's how the company performed compared to LSEG consensus estimates:

• Earnings per share: 10 cents adjusted versus 9 cents expected
• Revenue: $726 million versus expected $701 million

“We absolutely crushed this quarter, driven by continued AI demand that shows no sign of abating,” Palantir co-founder and CEO Alex Karp wrote in the company’s earnings release.

Palantir's revenue increased 30% year-over-year in the quarter. Net income was $143.5 million, or 6 cents per share, up from $71.5 million, or 3 cents per share, in the year-ago quarter.

Karp advocated for the introduction of artificial intelligence to the company's U.S. government customer base. “The growth of our business is accelerating and our financial performance is exceeding expectations as we meet the continued demand from our U.S. government and commercial customers for the most advanced artificial intelligence technologies,” Karp said in a letter to shareholders.

In terms of guidance, Palantir forecast fourth-quarter revenue of $767 million to $771 million. Analysts polled by LSEG had expected $741.4 million.

Palantir increased its revenue margin for all of 2024. The company now expects $2.805 billion to $2.809 billion, compared to $2.742 billion to $2.750 billion in August. The new range implies a growth rate of 26% for the year. The LSEG consensus was $2.76 billion. The company is targeting U.S. commercial sales of over $687 million for the year, representing approximately 24% of total sales.

“It is the speed with which institutions, particularly in the United States, have adopted our artificial intelligence platforms and capabilities more broadly that has been, and we believe will continue to be, the driver of our growth,” Karp wrote in a shareholder letter. “As America advances again, our allies and partners in Europe are being left behind.”

Palantir is targeting adjusted operating income of $1.054 billion to $1.058 billion for the year. That's above the consensus of $980.0 million among analysts surveyed by StreetAccount.

In September, S&P Global announced that Palantir would be added to the S&P 500 stock index.

As of Monday's close, Palantir shares were up 141% in 2024, while the tech-heavy Nasdaq was up 21%.

Executives will discuss the results on a conference call with analysts beginning at 5:00 p.m. ET.

This is breaking news. Please check back for updates.

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