Palantir beats revenue forecasts as AI software demand surges
Palantir Technologies exceeded third-quarter revenue estimates, posting US$2.31 billion, a 96 per cent rise year-on-year, driven by strong demand for its AI-powered data-analytics software from US government and commercial clients. CEO Alex Karp said the business has essentially doubled since the sa
Palantir Technologies has topped Wall Street estimates for third-quarter revenue, powered by strong demand for its artificial-intelligence-powered data-analytics software from the US government and commercial clients.
The company's revenue rose about 96 per cent to US$2.31 billion in the quarter, exceeding analysts' average estimate of US$2.18 billion, according to data compiled by LSEG.
"We have now essentially doubled our entire business since the same quarter last year," chief executive Alex Karp said in a letter to shareholders.
Demand for Palantir's software, which integrates and analyses data from multiple sources, is growing as clients seek greater control over their data and AI models to safeguard sensitive information and maintain competitive advantage.