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Palantir Technologies said Monday that its U.S. commercial business brought in more revenue than its U.S. government business for the first time in the company's history, as third-quarter sales rose 96% from a year earlier to $2.313 billion. The data analytics and AI software company also raised its full-year outlook for both total and U.S. commercial revenue, according to its third-quarter results release.
The quarter beat Wall Street's forecasts on both lines. Analysts polled by LSEG had expected adjusted earnings of 41 cents a share on revenue of $2.18 billion, CNBC reported. Palantir posted adjusted earnings per share of $0.44, matching its GAAP diluted figure, and quarterly revenue topped $2 billion for the first time.
Commercial overtakes government
U.S. commercial revenue grew 148% year over year and 29% from the second quarter to $984 million. U.S. government revenue rose 96% year over year and 18% sequentially to $953 million, leaving the commercial segment about $31 million ahead. Combined U.S. revenue reached $1.937 billion, up 119% from a year ago and accounting for roughly 84% of the company's total.
"Our U.S. commercial revenue has surpassed our U.S. government revenue for the first time in our company's history," Co-Founder and Chief Executive Alex Karp said in the BusinessWire release. In his third-quarter shareholder letter, Karp wrote that "our sequential growth in U.S. commercial of 29% would be an astonishing annual growth rate of any public software company in America." |
