usa's Palantir Technologies Inc. revises upward its operating profit financial estimates - 'Unwavering' AI demand.

November 5, 2024 6:47 JST
Revenue for July-September increased by 30% year-on-year to $725.5 million, exceeding financial estimates.
Adjusted operating profit for October-December is expected to be around $300 million, market estimates around $0.26 billion.

U.S. software development company Palantir Technologies Inc.'s financial results for July-September (Q3) exceeded market expectations with revenue driven by high demand for artificial intelligence (AI) software. The company has revised upward its operating profit financial estimates for October-December (Q4).
According to Palantir's announcement on the 4th, revenue for July-September increased by 30% year-on-year to $725.5 million (approximately 110 billion yen). The average analyst estimate compiled by Bloomberg was $737 million. Net profit reached a record high of $144 million. Adjusted earnings per share were 10 cents, surpassing analyst estimates of 9 cents.
Expected adjusted operating profit for October-December is around $300 million. The average market estimate is $261.6 million.

Alex Karp, Chief Executive Officer (CEO), explained in a letter to shareholders that the business growth is accelerating by meeting the unwavering demand from government and private sectors in the USA, and financial performance is exceeding expectations. He stated, "The world is currently at the forefront of a USA-led AI revolution, where industries and economies are being reshaped. Our company is positioned at the heart of it."

The company has upwardly revised its full-year 2024 revenue forecast to approximately 2.81 billion dollars. Analysts' financial estimates were 2.76 billion dollars.