Palantir (PLTR) Q3 earnings

Palantir shares pop 14% after its third-quarter results beat estimates

of closed up 20% Thursday after the company released third-quarter that beat analysts' expectations and raised full-year guidance.

Here's how the company did:

  • Earnings per share: 7 cents, adjusted vs. 6 cents by LSEG, formerly known as Refinitiv
  • Revenue: $558 million vs. $556.1 million expected by LSEG

Palantir's revenue for the third quarter increased 17% to $558 million, from $478 million a year earlier. The company reported a net income of $72 million, or 3 cents per share, compared with a net loss of $123.9 million in the year-ago quarter.

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The company's third-quarter results mark its fourth-straight quarter of profitability, which means it is eligible for inclusion in the S&P 500. Palantir reported its first profitable quarter in February this year.

Alex Karp, co-founder and CEO of Palantir, arrives for a U.S. Senate bipartisan Artificial Intelligence Insight Forum at the U.S. Capitol in Washington, D.C., on Sept. 13, 2023.

Stefani Reynolds | Afp | Getty Images

Palantir said it expects to report between $599 million and $603 million in revenue during its fourth quarter and raised its revenue guidance for the full year between $2.216 billion and $2.22 billion. In its second quarter, Palantir said it expected $2.212 billion for the full year, above the midpoint of its forecast from May.

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The company is known for its defense and intelligence work with the U.S. government, and during its quarterly call with investors, CEO Alex Karp addressed the ongoing Israel-Hamas war.

“Palantir only supplies its products for Western allies,” Karp said. “We've never supplied our products to enemies. We proudly support the U.S. government. I am proud that we are supporting Israel in every way we can.”

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Palantir's U.S. commercial revenue grew 33% year over year. Palantir said its U.S. commercial customer count increased 37% year over year, growing from 132 customers to 181 customers.

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