Palantir's revenue surged in its most recent quarter as the company said businesses are increasingly turning away from artificial-intelligence labs and seeking to more fully control their use of the technology.
The company, which makes bespoke data management and analysis software for businesses and governments, on Monday reported a profit of $1.13 billion, or 44 cents a share. That compares with a profit of $475.6 million, or 18 cents a share, a year earlier.
On an adjusted basis, earnings were 44 cents a share, beating Wall Street's expectation for 41 cents a share, according to analysts polled by FactSet.
Revenue soared 96% to $2.31 billion, ahead of analysts' expectations for $2.18 billion in revenue.
The growth was headlined by Palantir's U.S. commercial business, where revenue surged 148% to $984 million. Revenue from the U.S. government was $953 million, up 96%. The company said this was the first time its commercial revenue had surpassed government revenue in the U.S.
"This is not mere growth," Chief Executive Alex Karp wrote in a letter to shareholders. "It is a rate of expansion that represents a degree of intensity and sustained momentum that we believe is unmatched in recent economic history."
Palantir also lifted its full-year guidance, projecting revenue of between $8.53 billion and $8.534 billion, up from earlier guidance in a range of $8.15 billion and $8.158 billion. Analysts were expecting $8.21 billion in full-year revenue heading into the print.
For the current fourth quarter, the company expects to bring in between $2.649 billion and $2.653 billion in revenue. Analysts currently expect $2.46 billion in fourth-quarter revenue.
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