Palantir Technologies reported third-quarter revenue of $2.3 billion on Monday, a 96% rise from a year earlier and above the $1.2 billion it posted in the comparable period last year. Adjusted and GAAP earnings per share were both 44 cents, against 21 cents and 18 cents a year earlier. Analysts had expected $2.18 billion in revenue and 41 cents in adjusted earnings. U.S. commercial revenue climbed 148% to $984 million, and for the first time it edged past U.S. government revenue, which reached $953 million. Shares rose about 1.5% in after-hours trading. The results arrived days after a sharp sell-off in tech stocks, including a record one-day drop for Alphabet, and they are being read as a gauge of investor confidence in AI software turning into revenue.
Why it matters: Palantir is treated as a bellwether for whether investors believe AI software spending is turning into revenue, a question that matters to readers following tech-driven market moves.
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