data analytics software company PalantirThird Quarter Earnings of report The company’s revenue increased 22% year-over-year, largely thanks to the U.S. military, while U.S.-based commercial customers showed a 124% increase.
According to a Nov. 7 release, Palantir’s total revenue reached $477.9 million, a 66% increase in the number of customers across the company compared to $392.1 million a year ago.
The company’s adjusted net income was $16.1 million. This is approximately 80% less than adjusted net income for the third quarter of 2021. of $82.1 million. On a per share basis, adjusted earnings in the third quarter he was 1 cent per share compared to 4 cents per share in the year-ago quarter.
US military role
Palantir CEO Alexander Karp announced the results by sending a letter to all company shareholders, pointing to Palantir’s cooperation with the US military as the reason for the growth.letter said:
“The significant increase in contract value this quarter is primarily due to our increased cooperation with the U.S. military.”
The report says Palantir signed contracts worth $1.3 billion during the quarter. Contracts worth about $1 billion have been signed with the US government. Meanwhile, Palantir’s number of U.S. corporate customers increased from 59 in Q3 2021 to 132, a 124% year-over-year increase.
Palantir also said it expects continued revenue growth in the fourth quarter. However, it also acknowledges that exchange rates reduce total revenue by approximately $5 million. To give a window, Palantir expects total revenue for the fourth quarter to be between $508 million and $510 million.
According to a poll conducted among analysts, fourth quarter revenue is expected to be $506.8 million.
stock price drop
Palantir Shares (PLTR) Despite Bullish News fell Dropped 1% back to $7.85 when the report was released. PLTR follows a downward trend, down 8.2% over the past seven days.
At the time of writing, it is trading for $6.92.
