Explore the latest developments concerning Palantir stock jumps.
Palantir stock jumps nearly 30% after 'otherworldly' quarter as US commercial business booms
What's behind the move: The company reported fiscal second quarter results that beat analyst expectations and raised its full-year guidance.
The company sees full-year revenue of $8.16 billion versus prior estimates for $7.65 billion to $7.66 billion.
The company posted adjusted earnings of $0.41 per share in its Q2, versus Wall Street estimates of $0.35. Revenue came in at $1.94 billion, compared to expectations of $1.8 billion.
"This quarter was otherworldly: our U.S. commercial revenue grew 149% year-over-year, our overall revenue grew 93% year-over-year," Palantir's CEO Alex Karp said.
"The sovereign AI revolution makes us very optimistic about the future," he added.
US government revenue grew 90% year over year and 18% quarter over quarter.
Palantir stock skyrockets 29%, narrowly missing its best day ever after 'otherworldly' results
Palantir stock skyrocketed 29.5% on Tuesday after the company reported "otherworldly" second-quarter earnings driven by customer demand for AI sovereign tools.
Shares narrowly missed their best day ever, when the stock gained 30.8% on Feb. 6, 2024.
The enterprise software giant reported a 93% growth in overall revenue to $1.94 billion, up from around $1 billion a year ago, and beating LSEG estimates of $1.8 billion. Its commercial revenue jumped 149% to $764 million, and government revenue grew 90% to $809 million.
The company expects full-year revenue between $8.15 billion and $8.158 and commercial revenue in excess of $3.424 billion. Palantir was last up 16.3% in premarket trading.
Palantir's Co-founder and CEO Alex Karp described the quarter as "otherworldly," adding that the sovereign AI revolution makes them "very optimistic about the future."
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Palantir Q2 revenue jumped 93% Y/Y to $1.94 billion ($130 million beat), marking the 12th consecutive quarter of acceleration. Adjusted EPS of $0.41 beat by $0.06. The Rule of 40 score climbed again to 155, with adjusted free cash flow reaching $1.22 billion at a 63% margin.
Total US revenue reached $1.57 billion, up 115% Y/Y and now representing 81% of Palantir’s business. International revenue grew a much slower 33% to $363 million, with CEO Alex Karp again dismissive of Europe: “The growth sucks.”
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