Palantir Technologies has reported its largest quarterly sales growth since becoming a public company, attributing the surge to the significant impact of artificial intelligence on its operations. The Denver-based data software company, which specialises in data analytics and provides software platforms for integrating, managing, and securing data, saw second-quarter revenue climb 48 per cent to over $US1 billion.
Bolstered by this performance, Palantir has increased its full-year sales forecast to between $US4.14 billion and $US4.15 billion. This revised outlook surpasses analysts’ previous expectations of $US3.91 billion. The company’s strong results reflect growing demand for AI tools and its extensive reach across both private and public sectors.
Following the announcement, Palantir shares experienced a significant surge, climbing as much as 9.8 per cent to $US176.33 in early New York trading, reaching an all-time high. As of 1.45pm, the stock was trading 7.3 per cent higher at $US172.40. Over the past year, Palantir’s stock price has increased by more than 500 per cent.
The company reported that revenue for the period ending June 30 exceeded analysts’ estimates of $US939 million, reaching $US1 billion. Growth was particularly robust in the United States, where sales jumped 68 per cent to $US733 million.
