Palantir Q2 Earnings: Revenue Beat, EPS Beat, Customer Count Up 41% Driven By Strength In US Commercial — 'Unrelenting Wave Of Demand'

Palantir Technologies Inc PLTR reported financial results for the second quarter after the market close on Monday. Here’s a rundown of the report.

Q2 Earnings: Palantir reported second-quarter revenue of $678.13 million, beating the consensus estimate of $652.1 million, according to Benzinga Pro.

Total revenue was up 27% year-over-year. Commercial revenue grew 33% year-over-year, driven by a 55% year-over-year increase in U.S. commercial revenue. Government revenue climbed 23% year-over-year.

Palantir reported second-quarter adjusted earnings of 9 cents per share, beating analyst estimates of 8 cents per share. The company has now reported seven consecutive quarters of GAAP profitability.

Palantir’s customer count grew 41% year-over-year and 7% on a quarter-over-quarter basis. U.S. commercial customer count increased 83% year-over-year to 295 customers. Palantir ended the quarter with cash, equivalents and short-term U.S. treasury securities of $4 billion.

“The growth of our business has been re-accelerating steadily, and we see an unprecedented opportunity ahead to capture and build on that momentum,” said Alex Karp, co-founder and CEO of Palantir.

“Our growth across the commercial and government markets has been driven by an unrelenting wave of demand from customers for artificial intelligence systems that go beyond the merely performative and academic.”

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Outlook: Palantir expects third-quarter revenue to be between $697 million and $701 million.

Palantir also raised its full-year 2024 outlook. The company now sees full-year revenue in the range of $2.742 billion to $2.75 billion, up from a prior range of $2.677 billion to $2.689 billion. The company also raised its U.S. commercial revenue guidance to in excess of $672 million.

Palantir noted that it continues to expect full-year adjusted free cash flow of $800 million to $1 billion.

Management will hold a conference call to discuss these results at 5 p.m. ET.

PLTR Price Action: Palantir shares were up 15.86% at $27.91 at the time of publication Monday, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.

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