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Palantir Q3 U.S. commercial revenue tops government for first time
Palantir said U.S. commercial revenue rose 148% to $984 million in the third quarter, exceeding U.S. government revenue, as total sales beat Wall Street estimates, CNBC reported Monday.
- Our desk updated its story
- New headline Was: “Palantir Q3 U.S. commercial revenue tops government for first time”
- Our desk updated its story
- New headline Was: “Palantir reports booming U.S. commercial revenue growth, topping government for first time”
- Our desk filed its story
Palantir Technologies reported third-quarter results after the bell on Monday that exceeded Wall Street estimates, with U.S. commercial revenue topping U.S. government revenue for the first time, CNBC reported1.
Revenue was $2.31 billion, compared with $2.18 billion expected, and adjusted earnings were 44 cents a share versus 41 cents expected, according to LSEG estimates cited by CNBC1. The company said revenue nearly doubled from a year earlier and exceeded $2 billion for the first time1.
Net income more than doubled to $1.13 billion, or 44 cents a share, from about $476 million, or 18 cents a share, CNBC said1.
U.S. commercial revenue rose 148% to $984 million, surpassing U.S. government revenue of $953 million, which was up 96%, the report said1. CNBC said U.S. commercial revenue has more than quintupled over two years1.
Palantir said it now expects U.S. commercial revenue in excess of $3.56 billion for the full year, up from a prior forecast of $3.42 billion, CNBC reported1. The company projected about $2.65 billion in fourth-quarter revenue and about $8.53 billion for full-year 20261.
CNBC attributed demand in part to businesses adopting more of Palantir's artificial intelligence tools1. Independent confirmation of the figures was not in this assignment.
