Palantir Technologies has reported a substantial 48 per cent increase in revenue for the second quarter, reaching over $US1 billion ($1.54 billion). The company attributed this growth to the significant impact of artificial intelligence on its operations. Palantir is a data software company that specialises in big data analytics. It provides software platforms for integrating, managing, and securing data.
Bolstered by this strong performance, Palantir has raised its revenue outlook for the full year to between $US4.14 billion and $US4.15 billion. This revised forecast surpasses analysts’ previous expectations of $US3.91 billion. The company’s strong performance and optimistic outlook have resonated positively with investors.
Palantir’s shares experienced a gain of approximately 4 per cent in extended trading, following a closing price of $US160.66 in New York. The Denver-based company has witnessed a remarkable surge in its stock price, increasing by over 500 per cent in the past year. This surge has been fuelled by high investor expectations, rising demand for AI tools, and the company’s extensive reach in both the private and public sectors.
Specifically, Palantir’s $US1 billion revenue for the period ending June 30 exceeded the average analyst estimate of $US939 million. The company highlighted particularly strong growth in the US market, where sales jumped by 68 per cent to $US733 million. Palantir reported adjusted earnings per share for the quarter at 16 US cents, which also surpassed analyst expectations of 14 US cents.
