Palantir Technologies shares hit new highs on Wall Street after the company reported strong quarterly results driven by “unwavering” demand for artificial intelligence.
Palantir posted 30% year-over-year revenue growth in the quarter.
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Palantir Technologies shares return more than 21% on Wall Street, which implies its correlation in its Cedears versionafter reporting third-quarter revenue of $725.52 million, beating the consensus estimate of $701.13 million.
Palantir posted 30% year-over-year revenue growth in the quarter. The company stated that US revenue grew 44% year-over-year, as US commercial revenue increased 54% and US Government revenue grew 40% year-over-year.
The company surpassed analyst estimates on top and net results for the fifth consecutive quarterwhile margins increased for the eighth consecutive quarter. Additionally, the company provided a rolling GAAP net and operating income forecast for each quarter this year.
“Our business growth is accelerating and our financial performance is exceeding expectations as we meet the unwavering demand for artificial intelligence technologies by our U.S. government and our commercial customers,” he said. Alex Karpco-founder and CEO of Palantir, in a letter to shareholders.
Source: Ambito
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