Palantir Technologies reported its first $1 billion sales quarter, with stock prices exceeding previous records. The revenue surge was attributed to a 53% increase in government sales and a 93% rise in business sales, leading to a 68% climb in overall U.S. revenue. Impressive quarterly profit rose 33% to $327 million. The company raised annual revenue expectations to between $4.14 billion and $4.15 billion. CEO Alex Karp expressed optimism regarding the positive impacts of AI on the workforce and American life.
"DOGE has had zero negative impact on Palantir's U.S. government business, which achieved its fastest growth rate since the second quarter of 2021," wrote William Blair analysts Louie DiPalma and Bryce Sandberg. "Palantir is clearly benefiting from AI industry momentum across its government and commercial customer bases."
"This was a phenomenal quarter," CEO Alex Karp said in a statement accompanying the earnings release. "We continue to see the astonishing impact of AI leverage."
Palantir also recorded a 93% jump in business sales. Overall U.S. revenue surged 68% to $733 million.
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