Palantir Surpasses $1 Billion in Quarterly Revenue, Raises Full-Year Guidance

New York — Palantir Technologies reported record-breaking results on Monday, crossing $1 billion in quarterly revenue for the first time as demand for its AI-driven software continues to surge.

The Denver-based analytics company reported adjusted earnings of 16 cents per share, topping Wall Street expectations of 14 cents. Revenue for the quarter reached $1 billion, beating estimates of $940 million and marking a 48% year-over-year increase.

CEO Alex Karp attributed the growth to operational efficiency and the expanding role of artificial intelligence. “The goal is to get 10x revenue with fewer people,” Karp told CNBC, referencing a potential headcount reduction from 4,100 to 3,600, though no layoffs were confirmed.

Palantir’s U.S. revenue jumped 68% to $733 million, including a 53% rise in government contracts totaling $426 million. U.S. commercial revenue nearly doubled to $306 million. Net income surged 144% to $326.7 million, or 13 cents per share, compared to $134.1 million, or 6 cents per share, a year earlier.

The company also closed 66 deals worth over $5 million and 42 deals exceeding $10 million. Total contract value rose 140% year-over-year to $2.27 billion.

For Q3, Palantir forecasts revenue between $1.083 billion and $1.087 billion, well above the $983 million consensus. Full-year revenue guidance has been revised to a range of $4.142 billion to $4.150 billion, up from earlier projections.

Shares rose 3% in after-hours trading and have more than doubled this year. Palantir's market value now exceeds $379 billion, placing it among the top 10 U.S. tech firms, ahead of Salesforce, IBM, and Cisco.

Last week, the company secured a $10 billion contract with the U.S. Army for software and data infrastructure services.