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Palantir<\/a> topped Wall Street’s estimates Monday, surpassing $1 billion in quarterly revenue for the first time, and hiking its full-year guidance.<\/p>\n Shares rallied more than 5%.<\/p>\n Here’s how the company did versus LSEG estimates:<\/p>\n The artificial intelligence<\/a> software provider’s revenues grew 48% during the period. Analysts hadn’t expected the $1 billion revenue benchmark from the Denver-based company until the fourth quarter of this year.<\/p>\n “The growth rate of our business has accelerated radically, after years of investment on our part and derision by some,” wrote CEO Alex Karp in a letter to shareholders. “The skeptics are admittedly fewer now, having been defanged and bent into a kind of submission.”<\/p>\n The software analytics company also boosted its full-year outlook guidance. For the full year, Palantir now expects revenues to range between $4.142 billion and $4.150 billion, up from prior guidance of $3.89 billion to $3.90 billion.<\/p>\n For the third quarter, Palantir forecast revenues between $1.083 billion and $1.087 billion, beating an analyst estimate of $983 million. Palantir also lifted its operating income and full-year free cash flow guidance.<\/p>\n Palantir’s U.S. revenues jumped 68% from a year ago to $733 million, while U.S. commercial revenues nearly doubled from a year ago to $306 million.<\/p>\n The software analytics company has seen a boost from President Donald Trump<\/a>‘s government efficiency campaign, which included layoffs and contract cuts. Palantir’s U.S. government revenues jumped 53% from the year-ago period to $426 million.<\/p>\n “It has been a steep and upward climb \u2014 an ascent that is a reflection of the remarkable confluence of the arrival of language models, the chips necessary to power them, and our software infrastructure,” Karp wrote in a letter to shareholders.<\/p>\n During the quarter, Palantir said it closed 66 deals of at least $5 million and 42 deals totaling at least $10 million. Total value of its contracts grew 140% from last year to $2.27 billion.<\/p>\n Net income rose 144% to about $326.7 million, or 13 cents a share, from about $134.1 million, or 6 cents per share a year ago.<\/p>\n Palantir shares have more than doubled this year as investors bet on the company’s AI tools and contract agreements with governments.<\/p>\n Its market value has accelerated past $379 billion and into the list of top 20<\/a> most valuable U.S companies, surpassing\u00a0Salesforce<\/a>,\u00a0IBM<\/a>\u00a0and\u00a0Cisco<\/a>\u00a0to join the\u00a0top 10 U.S. tech companies<\/a>\u00a0by market cap. Shares hit a new high Monday.<\/p>\n At its size, buying the stock requires investors to pay hefty multiples.<\/p>\n\n
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