Palantir tops first-quarter revenue estimates on strong US government demand
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May 4 : Palantir Technologies beat Wall Street estimates for first-quarter revenue on Monday, driven by rising demand for its data analytics software from the U.S. government and commercial clients.
The company reported revenue of $1.63 billion for the quarter ended March 31, beating analysts' average estimate of $1.54 billion, according to data compiled by LSEG.
Revenue from U.S. commercial customers jumped 133 per cent to $595 million, while revenue from U.S. government customers rose 84 per cent to $687 million in the first quarter.
Palantir's U.S. government segment sells data analytics and AI software to defense and intelligence agencies, while its U.S. commercial business provides enterprise AI platforms that help corporations integrate data and automate operational decisions.
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The company's Maven AI system will become an official program of record for the Pentagon, Reuters reported in March, locking in long-term use of the company's weapons-targeting technology across the U.S. military.
"The United States remains the center, the constant core, of our business. And that business is erupting," CEO Alex Karp said in a letter to shareholders on Monday.
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