Palantir's latest earnings

Palantir's Q1 revenue was better than expected and fell 8% after the market, mainly due to Wall Street's concerns about slowing demand from US commercial customers.

Financial Highlights

• Revenue: First-quarter revenue of $634 million, up 21% year over year. PLTR credits its business revenue to growing demand from US commercial customers.

• Profitability: GAAP net revenue of $106 million was achieved in the first quarter, marking the sixth consecutive quarter of GAAP profit.

Business dynamics and market trends

• US commercial market: The US commercial sector saw strong revenue growth, with quarterly revenue growth of 40% to $150 million.

• Government contracts: Includes contracts awarded to Palantir worth over $178 million by the US military to build the next generation target system (TITAN program).

• International government business: Deploying a federal data platform on the NHS in the UK and providing defense capabilities to global allies.

Investment and innovation

• AIP (Artificial Intelligence Platform): AIP guides the introduction of new customers and drives the expansion of existing customers, particularly in the US commercial sector.

outlooks

• For the second quarter of 2024, Palantir expects revenue between $649 million and $653 million.

• For the full year 2024, the company raised its revenue forecast to $2,677 million to $2,689 million.

Palantir's CEO said during the earnings call that the company's first-quarter revenue not only significantly exceeded the expected high-end indicators, but also achieved the highest quarterly profit since the company was founded 20 years ago. He pointed out that American companies are adopting artificial intelligence far faster than the rest of the world, and Palantir's AIP platform is becoming the most effective tool to meet the needs of these companies. The CEO further predicts that the US commercial business will continue to be the main driver of the company's recent growth. Additionally, Palantir's management continues to be optimistic about the market acceptance of the company's AI platform and software and its ability to support critical missions. The company strengthens its market position in data analysis and large-scale information management through technological innovation and strategic cooperation.

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