U.S. data analytics company Palantir Technologies reported second-quarter results that significantly exceeded market expectations, driven by strong demand for artificial intelligence (AI) software. The company also raised its annual revenue forecast.
On August 3, local time, Reuters and Palantir's earnings report revealed that second-quarter revenue reached $1.935 billion, a 93% increase from the same period last year, surpassing market expectations of $1.8 billion.
Adjusted earnings per share (EPS), excluding certain costs, were 41 cents, exceeding the market estimate of 35 cents.
The rapid growth of Palantir's U.S. business significantly boosted overall performance. U.S. revenue increased by 115% year-over-year to $1.573 billion, accounting for 81% of total revenue.
Notably, revenue from the U.S. private sector surged 149% to $764 million, while revenue from the U.S. government sector rose 90% to $809 million.
The fast growth of AI services targeting private companies has narrowed the revenue gap between the government and private sectors in the U.S.
Palantir CEO Alex Karp described the results as "incredibly impressive" and expressed confidence in further growth, stating that the expansion in the U.S. private sector is still in its early stages.
Palantir raised its annual revenue forecast from the previous range of $7.65 billion to $7.662 billion, now estimating between $8.15 billion and $8.158 billion.
For the third quarter, the company projects revenue between $2.16 billion and $2.164 billion, exceeding market expectations.
Following the strong performance and raised annual outlook, Palantir's stock rose 2.1% during regular trading and jumped nearly 12% in after-hours trading.
* This article has been translated by AI.
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