Palantir (PLTR) Q3 earnings report 2024

Palantir shares jumped 12% in extended trading on Monday after the data analytics software maker reported robust third-quarter results and revenue guidance.

Here’s how the company did compared to LSEG consensus estimates:

• Earnings per share: 10 cents adjusted vs. 9 cents expected
• Revenue: $726 million vs. $701 million expected

“We absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down,” Palantir co-founder and CEO Alex Karp wrote in the company’s earnings release.

Palantir’s revenue grew 30% year over year in the quarter. Net income of $143.5 million, or 6 cents per share, was up from $71.5 million, or 3 cents per share, in the same quarter a year ago.

Karp called out the adoption of artificial intelligence in the company’s U.S. government customer base. “The growth of our business is accelerating, and our financial performance is exceeding expectations as we meet an unwavering demand for the most advanced artificial intelligence technologies from our U.S. government and commercial customers,” Karp said in a letter to shareholders.

With respect to guidance, Palantir called for fourth-quarter revenue of $767 million to $771 million. Analysts surveyed by LSEG had been looking for $741.4 million.

Palantir bumped up its revenue range for all of 2024. It now sees $2.805 billion to $2.809 billion, compared with $2.742 billion to $2.750 billion in August. The new range implies a 26% growth rate for the year. LSEG’s consensus was $2.76 billion.

The company is targeting over $687 million in U.S. commercial revenue for the year, implying about 24% of the total.

“It is the speed with which institutions in the United States, in particular, have adopted our platforms and artificial intelligence capabilities more broadly that has been, and we believe will continue to be, the driver of our growth,” Karp wrote in a shareholder letter. “As America once again forges ahead, our allies and partners in Europe are being left behind.”

In September S&P Global announced that Palantir would join the S&P 500 stock index.

As of Monday’s close, Palantir shares were up 141% in 2024, while the tech-heavy Nasdaq had gained 21%.

Executives will discuss the results on a conference call with analysts starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

WATCH: Palantir co-founder Joe Lonsdale on Musk-Putin conversations, state of 2024 election