Shares of Palantir (PLTR) are up 16% after the data analytics company reported second-quarter financial results that blew past Wall Street forecasts.
The company announced earnings per share (EPS) of $0.41 U.S., which topped the $0.35 U.S. consensus expectation of analysts.
Revenue in the April through September period totaled $1.94 billion U.S., which surpassed the $1.80 billion U.S. that had been forecast on Wall Street. Sales were up 93% from a year earlier.
Palantir, which has both government and commercial clients, reported that its U.S. government revenue grew 90% in Q2 from a year ago to $809 million U.S.
At the same time, the company’s U.S. commercial revenue rose 149% year-over-year to $764 million U.S.
Palantir guided for U.S. commercial revenue in excess of $3.42 billion U.S. this year, up from a previous outlook of $3.22 billion U.S.
The company, which makes data analytics software, lifted its full-year revenue guidance to between $8.15 billion U.S. and $8.16 billion U.S. from $7.65 billion U.S. to $7.66 billion U.S.
Management attributed much of the growth at Palantir to artificial intelligence (A.I.) demand, noting that its software products are being given a boost by A.I. technologies.
Prior to today (Aug. 4), PLTR stock had declined 25% this year to trade at $125.65 U.S. over fears that A.I. would disrupt its software business.
Tech Insider
