Shares of Palantir Technologies (PLTR) are up 14% after the data analytics company reported strong third-quarter financial results and forward guidance.
The Denver, Colorado-based company reported earnings per share (EPS) of $0.10 U.S., which was slightly ahead of the $0.09 U.S. expected on Wall Street.
Revenue in the quarter totaled $726 million U.S., which topped the $701 million U.S. expected among analysts. Sales were up 30% from a year earlier.
Once again, Palantir cited artificial intelligence (A.I.) as driving demand for its software products that can analyze data and extract patterns and information from it.
In terms of guidance, Palantir said it now expects revenue in the current fourth quarter of $767 million U.S. to $771 million U.S. Analysts had forecast $741 million U.S. for the company.
Palantir also raised its revenue outlook for all of 2024, saying it expects $2.80 billion U.S. in sales, up from a previous outlook that called for $2.74 billion U.S. to $2.75 billion U.S.
The new range implies a 26% growth rate for the entire year.
Palantir continues to get most of its revenue from government contracts, particularly from the U.S. government.
The company said that its international commercial sales during Q3 of this year declined 7% due mostly to customer challenges in the Middle East.
Palantir’s stock has been on a roll this year and joined the benchmark S&P 500 index in September.
Prior to today (Nov. 5), the company’s share price had increased 150% in 2024 and was trading at $41.41 U.S.
