Palantir (PLTR) Q3 earnings report 2024

Palantir shares jumped 13% in prolonged buying and selling on Monday after the information analytics software program maker reported sturdy third-quarter outcomes and income steerage.

Here is how the corporate did in contrast with LSEG consensus estimates:

• Earnings per share: 10 cents adjusted vs. 9 cents anticipated
• Income: $726 million vs. $701 million anticipated

“We completely eviscerated this quarter, pushed by unrelenting AI demand that will not decelerate,” Palantir co-founder and CEO Alex Karp wrote within the firm’s earnings launch.

Palantir’s income grew 30% yr over yr within the quarter. Web earnings of $143.5 million, or 6 cents per share, was up from $71.5 million, or 3 cents per share, in the identical quarter a yr in the past.

Karp referred to as out the adoption of synthetic intelligence within the firm’s U.S. authorities buyer base.

“The expansion of our enterprise is accelerating, and our monetary efficiency is exceeding expectations as we meet an unwavering demand for essentially the most superior synthetic intelligence applied sciences from our U.S. authorities and industrial clients,” Karp mentioned in a letter to shareholders.

With respect to steerage, Palantir referred to as for fourth-quarter income of $767 million to $771 million. Analysts surveyed by LSEG had been searching for $741.4 million.

Palantir bumped up its income vary for all of 2024. It now sees $2.805 billion to $2.809 billion in income, in contrast with $2.742 billion to $2.750 billion in August. The brand new vary implies a 26% progress charge for the yr. LSEG’s consensus was $2.76 billion. The corporate is focusing on greater than $687 million in U.S. industrial income for the yr, implying about 24% of the entire.

“It’s the pace with which establishments in the US, particularly, have adopted our platforms and synthetic intelligence capabilities extra broadly that has been, and we imagine will proceed to be, the motive force of our progress,” Karp wrote in a shareholder letter. “As America as soon as once more forges forward, our allies and companions in Europe are being left behind.”

Worldwide industrial income was down 7% from the second quarter due to challenges in Europe and due to much less cash coming from a government-sponsored buyer within the Center East, David Glazer, Palantir’s finance chief, mentioned on a convention name with analysts.

Palantir goals for $1.054 billion to $1.058 billion in adjusted working earnings for the yr. That’s above the $980.0 million consensus amongst analysts that StreetAccount polled.

In September, S&P International introduced Palantir would be a part of the S&P 500 inventory index.

As of Monday’s shut, Palantir shares had been up 141% in 2024, whereas the tech-heavy Nasdaq had gained 21%.