Palantir Technologies Inc. PLTR announced its second-quarter financial results on Monday, during which it also revealed plans to continue leveraging boot camps and pilot programs to attract new customers.
What Happened: During the earnings call, Palantir’s chief revenue and legal officer Ryan Taylor said that the U.S. commercial customer count grew by 83% YoY last quarter, attributing this growth to the company’s boot camps.
These boot camps, Taylor explained, are crucial for showcasing the potential of AI. However, the real opportunity lies in transitioning from prototype to production with these customers.
He cited a recent seven-figure deal with a large wholesale insurance brokerage firm, which was finalized just 16 days after the boot camp.
Another success story involved a leading convenience store chain that moved from a prototype to a paid pilot in 25 days.
“A leading convenience store chain went from prototype out of Bootcamp to paid pilot in 25 days, then converted the inventory management and pricing optimization use case into initial production immediately following the pilot,” he stated.
Palantir plans to continue leveraging this combination of boot camps and pilots, focusing on high-value production use cases to attract new customers.
The company is also intensifying its efforts to build deep production-level relationships with all its customers.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
Why It Matters: Palantir’s second-quarter earnings report, which beat revenue and EPS estimates, showed a 41% increase in customer count, driven by a 55% YoY increase in U.S. commercial revenue.
After the earnings, Wedbush Securities analyst Dan Ives referred to Palantir’s Q2 performance as a “game changer quarter.” He noted that the company’s success in monetizing AI solutions and the increasing global demand for AI use cases positions Palantir as a top player in the AI revolution.
Price Action: Palantir ended Monday’s regular session at $24.09, dropping 2.63% for the day. At the time of writing, the company’s shares were up 9.13% at $26.29, according to data from Benzinga Pro.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
