Palantir posted better-than-expected financial results for the third quarter, getting a boost to its commercial business from its push into AI-powered analytics applications.
Revenue rose 17% to $558 million in the third quarter, edging consensus expectations for $556 million.
Palantir said commercial revenue was up 23% to $251 million, well above the Street consensus forecast at $234 million. That includes a 33% increase in U.S. commercial business to $116 million—a 19% increase sequentially. CEO Alex Karp said in a letter to shareholders that the strength is attributable to “growing demand” for the company’s recently launched AI platform.
Palantir expects fourth-quarter revenue to be in the range of $599-603 million, which is just above the consensus estimate of $600 million.
For the full year 2023, Palantir raised its revenue forecast to the range of $2.216 billion to $2.22 billion, which is slightly above the consensus estimate of $2.21 billion.
