posted better-than-expected financial results for the third quarter, getting a boost to its commercial business from its push into AI-powered analytics applications. But some investors may be disappointed by slower growth in the company’s government business.
For the quarter, Palantir (ticker: PLTR) reported revenue of $558 million, up 17% from a year ago, and ahead of both the guidance range of $553 million to $557 million and the Street consensus forecast as tracked by FactSet of $556 million.
Adjusted income from operations was $163 million, above the guidance range of $135 million to $139 million. Adjusted profits were 7 cents a share, a penny above consensus. Under generally accepted accounting principles, Palantir earned $72 million, or 3 cents a share.
Palantir said commercial revenue was up 23% to $251 million, well above the Street consensus forecast at $234 million. That includes a 33% increase in U.S. commercial business to $116 million—a 19% increase sequentially. CEO Alex Karp said in a letter to shareholders that the strength is attributable to “growing demand” for the company’s recently launched AI platform.
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