Palantir Tech Stock Soars - Clock Strong Q3 Performance On Commercial and Government Growth

Palantir Technologies Inc PLTR reported third-quarter revenue growth of 17% year-over-year to $558.16 million, beating the consensus estimates of $556.31 million. 

The AI-focused data software company reported adjusted EPS of $0.07, which beat the analyst estimates of $0.06. The company also booked its fourth consecutive quarter of GAAP profitability. 

Commercial revenue grew 23% year-over-year. U.S. commercial revenue increased 33% year-over-year. Government revenue climbed 12% year-over-year. 

Palantir's customer count grew 34% year-over-year to $251 million. U.S. commercial customer count increased 37% year-over-year to $116 million. 

Cash from operations came in at $133 million, representing a 24% margin. Adjusted free cash flow came in at $141 million, representing a 25% margin. 

Palantir ended the quarter with cash, equivalents, and short-term U.S. treasury securities of $3.3 billion.

Outlook: Palantir expects fourth-quarter revenue to be between $599 million - $603 million versus estimates of $599.66 million. It sees adjusted income from operations of $184 million - $188 million.

For FY23, Palantir raised its revenue guidance to $2.216 billion - $2.220 billion (prior "in excess of $2.212 billion") versus estimates of $2.21 billion. The company also raised its full-year adjusted income from operations to $607 million - $611 million (prior "in excess of $576 million").

The stock has gained 133.5% YTD.

Price Action: PLTR shares traded higher by 16.60% at $17.40 premarket on the last check Thursday.