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Palantir, which is the artificial intelligence software provider, is absolutely a bright spot in equity market, not only for its stock performance, but for its earnings performance, which definitely will be the strong support for the stock.
In the latest earning report for Q2, Palantir topped Wall Street’s estimates, surpassing $1 billion in quarterly revenue for the first time, and hiking its full-year guidance. Palantir revenues grew 48% during the period, which shares rallied 3% after the bell.
Here’s how the company did versus estimates:Earnings per share: 16 cents adjusted vs. 14 cents expected; Revenue: $1 billion vs. $940 million expected.
The software analytics company also boosted its full-year outlook guidance. For the full year, Palantir now expects revenues to range between $4.142 billion and $4.150 billion, up from prior guidance of $3.89 billion to $3.90 billion.
For the third quarter, Palantir forecast revenues between $1.083 billion and $1.087 billion, beating an analyst estimate of $983 million. Palantir also lifted its operating income and full-year free cash flow guidance.
Palantir’s U.S. revenues jumped 68% from a year ago to $733 million, while U.S. commercial revenues nearly doubled from a year ago to $306 million. Palantir’s U.S. government revenues jumped 53% from the year-ago period to $426 million. During the quarter, Palantir closed 66 deals of at least $5 million and 42 deals totaling at least $10 million. Total value of its contracts grew 140% from last year to $2.27 billion. Net income rose 144% to about $326.7 million, or 13 cents per share, from about $134.1 million, or 6 cents per share a year ago. Palantir shares have more than doubled this year as investors bet on the company’s AI tools and contract agreements with governments. Its market value has accelerated past $379 billion and into the list of top 20 most valuable U.S companies, surpassing Salesforce, IBM and Cisco to join the top 10 U.S. tech companies by market cap, with shares currently trade 276 times forward earnings.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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