From our US team:
Palantir (PLTR) stock surged in premarket on Tuesday after the company reported second quarter results that beat analyst estimates across the board as its revenue topped $1 billion in a quarter for the first time.
“The growth rate of our business has accelerated radically,” Palantir CEO Alex Karp said. “Yet we see no reason to pause, to relent, here.”
Shares in the defense technology giant were up more than 4% in after-hours trade on Monday.
In its second quarter, Palantir posted earnings per share of $0.16, beating consensus estimates of $0.14 and up 77% from the same quarter last year. Revenue came in at $1.004bn, Palantir’s first quarter surpassing the billion-dollar mark on a quarterly basis. The company’s top line also beat analyst forecasts for $939.25 billion and was up 48% year over year.
US commercial revenue came in at $306m, growing 93% year over year, while US government revenue for the quarter was $426m, up 53% from the same quarter last year. Analysts had estimated that sales for the two sectors would come in at $273m and $391m, respectively.