Palantir Q2 Revenue Soars 27%, AI Demand Drives Stock Surge
Although Palantir shares closed down 2.6 percent on Monday, the stock spiked 15 percent in after-hours trading after its stellar second-quarter earnings report.
Palantir Earnings Highlights and Performance
Palantir Technologies announced its second quarter fiscal 2024 financial results, with revenues surging 27% from last year to $678 million, beating market expectations of $653 million, and earnings per share of $0.09, above expectations of $0.08.
Market reaction and future outlook
Although Palantir's shares closed down 2.6% on Monday, the stock spiked 15% in after-hours trading after the earnings report was released.Palantir expects third-quarter revenue to be in the range of $697 million to $701 million, topping the market's estimate of $681 million, and lifting its full-year revenue estimate to $2.742 billion to $2.75 billion.
AI platform to drive business growth
Alex Karp, Palantir's chief executive officer, said the company's growth in the commercial and government markets was driven by strong demand for AI systems that go beyond the academic level.Karp emphasized that the AI platform, AIP, has played a key role in transforming the business.
Customer Volume and Large Transaction Growth
In the second quarter, revenue from U.S. Commercial grew 55 percent and revenue from U.S. Government grew 24 percent. The company signed 27 deals exceeding $10 million, representing a 41% year-over-year increase in client count and a 7% increase sequentially.
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