Palantir shares spike on Q2 beat

Palantir reports US commercial revenue growth up 149% YoY in Q2.
Remaining US commercial deal value surges to $6.2 billion at the end of June.

Clay Webster FXStreet

Palantir Technologies (PLTR) stock jumped 9% afterhours on Monday after reporting a solid beat for the fiscal second-quarter. The artificial intelligence (AI) and big data company earned $0.41 in adjusted earnings per share (EPS) on revenue of $1.94 billion.

The EPS figure bested the Wall Street consensus by 6 cents, and the revenue print was $130 million above the average analyst estimate.

Overall, revenue climbed 94% YoY and 115% in the US market alone. US commercial revenue grew 149% YoY to $764 million, while US government revenue grew 90% YoY to $809 million. Approximately $370 million came from foreign contracts.

The future looks bright as well. Palantir closed 220 deals of at least $1 million in Q2, 98 deals of at least $5 million, and 73 deals of at least $10 million in total contract value. The company led by CEO Alex Karp also hiked its US commercial remaining deal value to $6.238 billion, up 124% YoY.

“Demand for AI sovereignty has now been unleashed," Karp said in a statement accompanying the release. Taking a swipe at Anthropic and OpenAI, Karp added, "Palantir is the only company that has demonstrated it can transform tokens into actual economic value. Our customers trust us to provide them with maximal control over their operations, data, and decisions. Their competitive advantage should never become the training data for future models."

For the third quarter, Palantir raised its revenue guidance to approximately $2.16 billion and expects adjusted income from operations above $1.29 billion. For Q2, Palantir reported approximately $1.19 billion in adjusted income from operations.

Palantir stock surged 9% on the earnings release to above $137 afterhours on Monday.

Palantir Q2 earnings — PLTR 1-hour chart

Author

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

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