Palantir Technologies Inc (NYSE:PLTR) reported a strong third quarter, beating analyst estimates and raising its full-year outlook as demand for its AI solutions surged in the United States.
Revenue rose 30% year-over-year to $725.5 million, surpassing Wall Street’s $703.7 million estimate.
U.S. revenue grew 44%, with commercial sales up 54% and government sales up 40%.
Adjusted EPS reached $0.10, topping forecasts of $0.09, while GAAP EPS of $0.06 beat estimates by 50%.
The company achieved an adjusted operating margin of 38%, with record net income of $144 million and $435 million in Q3 free cash flow.
Palantir closed 104 deals over $1 million, fueled by growing adoption in both commercial and government sectors.
For 2024, Palantir expects revenue between $2.805 billion and $2.809 billion, ahead of analyst forecasts, and anticipates continued growth in US commercial sales, projected to rise over 50% this year.
CEO Alex Karp cited "unwavering demand" for AI as a driving force behind the performance.
"The growth of our business is accelerating, and our financial performance is exceeding expectations as we meet an unwavering demand,” Karp said in a statement.
Palantir shares, up more than 140% this year, climbed 10% in extended trading.