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Alex Karp just sent out a letter to $PLTR shareholders ... here's the full letter
The growth of our business is accelerating, and our financial performance is exceeding expectations as we meet an unwavering demand for the most advanced artificial intelligence technologies from our U.S. government and commercial customers.
The world is in the midst of a U.S.-driven AI revolution that is reshaping industries and economies, and we are at the center of it.
Our revenue last quarter reached a record $726 million, representing a 30% increase from the same period last year as we continue rapidly scaling our business.
The year-over-year growth rate of our revenue has increased over the past six quarters, rising from 13% in Q2 2023 to 30% in Q3 2024. This is an ascent that we always believed was possible and have worked tremendously hard to achieve.
A juggernaut is emerging. This is the software century, and we intend to take the entire market.
The unrelenting march of our business has been driven by an early and decades-long investment in the technical infrastructure that is now making the large language models that have reshaped our world useful and valuable to large enterprises.
We are also now a member of the S&P 500—a goal that most thought was fanciful. And many in the market left us, abandoning hope, at precisely the wrong time.
Our entry into the index, comprised of the most profitable and significant corporate enterprises in the United States, and by extension the world, has been made possible by the strength of our business and expanding demand for our software.
In Q3 2024, we generated the largest profit in our company’s twenty-year history, reaching $144 million in net income.
II. The U.S. market remains the core of our business.
It is where we have seen institutions respond most rapidly to the promise of artificial intelligence, as companies and government agencies race to implement the technical infrastructure that is necessary to unleash the power of language models across their proprietary and most valuable datasets.
And the release of our newest platform, AIP, has transformed our business.
We reached $499 million in U.S. revenue across both the commercial and government markets in the third quarter, representing an increase of 44% compared to the same period a year earlier.
Growth in the U.S. government business is surging as our customers embrace AI. Revenue from this market, which includes defense and intelligence agencies, rose 40% year-over-year and 15% quarter-over-quarter to $320 million in the three-month period ending September 30, 2024.
And our revenue in the U.S. commercial market swelled 54% year-over-year and 13% quarter-over-quarter to $179 million in that same period.
It is the speed with which institutions in the United States, in particular, have adopted our platforms and artificial intelligence capabilities more broadly that has been, and we believe will continue to be, the driver of our growth.
As America once again forges ahead, our allies and partners in Europe are being left behind. Their private and state institutions stand on the sidelines during this pivotal moment in economic history, while the relentless innovation of U.S. companies disrupts and reshapes global industries. Europe must adapt to the opportunities and challenges of AI, or risk ruin. III.
The commitment to risk-taking and innovation of America’s enterprises is unparalleled in the world. We believe the rewards from the embrace of AI in the U.S. will be immense, both in terms of human liberation as well as economic prosperity.
American influence in this unique hour comes not just from controlling the supply of AI, but also from the ability to strategically deploy the newest technologies across our most prominent corporations and institutions.
Our unchallenged ability to channel and guide the demand for integrating AI seamlessly with essential data, distribution, and decision-making structures is what truly sets us apart.
However, the shallow consumerism of the current age risks diminishing our ambition as a culture and civilization.
We built this company to arm and defend our most significant institutions, not tinker at the margins creating idle, decadent diversions. It is because of, not in spite of, this ambition, this sense of purpose, and this desire to participate in a story larger than ourselves, that we have arrived at this moment.
Sincerely,
Alex Karp
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Ankur Tiwari : Palantir Technologies' impressive revenue performance in the third quarter of fiscal year 2024, with a 30% annual increase to $726 million, demonstrates the company's ability to capitalize on strong demand for its software services. This growth trajectory could positively impact the company's future financial health and investor confidence.
THANASHILAN Ankur Tiwari : Cook
103966719 : on the contrary, i have yet to see large global corporations using palantir's product. can anyone share some info.