Stock Track | Palantir Stock Soars as Strong Demand for AI Services Drives Impressive Q3 Results

Stock Track11-05

Shares of Palantir Technologies Inc. (PLTR) surged nearly 13% in after-hours trading on Monday after the data analytics company reported stellar third-quarter financial results, driven by robust demand for its artificial intelligence (AI) offerings. The company handily beat Wall Street's expectations for both earnings and revenue, leading it to raise its full-year guidance.

For the quarter ended September 30, 2024, Palantir posted earnings of $0.10 per share, exceeding analysts' consensus estimate of $0.09 per share. Revenue soared 30% year-over-year to $725.5 million, surpassing expectations of $701.1 million. This marked the company's strongest quarterly profit ever, with net income of $144 million.

The impressive performance was fueled by skyrocketing demand for Palantir's AI platform and services, particularly from U.S. customers. U.S. revenue grew 44% year-over-year to $499 million, led by a 54% surge in commercial revenue to $179 million and a 40% increase in government revenue to $320 million. The company closed 104 deals worth over $1 million during the quarter, highlighting the strong appetite for its offerings.

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