Palantir Q1 earnings: commercial strength drives 21% increase in revenue

Palantir Technologies Inc (NYSE: PLTR) is trading up in extended hours on Monday after reporting better-than-expected financial results for its first quarter.

Palantir issues upbeat future guidance

Investors are cheering also because the management issued upbeat guidance for the future. $PLTR now forecasts its revenue to fall between $649 million and $653 million in its current fiscal quarter.

Analysts, in comparison, were at $643 million. Alex Karp – the chief executive of Palantir said in a press release today:

The New York listed firm expects its U.S. commercial business to grow by at least 45% in 2024. Note that our market analyst Ritesh A. is bullish on Palantir stock at writing.  

Palantir Q1 earnings snapshot

• Earned $106 million versus the year-ago $17 million
• Per-share earnings also improved from 1 cent to 4 cents
• Adjusted EPS printed at 8 cents as per the earnings report
• Revenue climbed 21% year-over-year to $634 million
• Consensus was 7 cents a share on $615 million in revenue
• U.S. commercial customer count went up 69% to 262 customers

Palantir saw its commercial and government revenues gain 27% and 16% in Q1. CEO Karp also said in a letter to shareholders on Monday:

It is worth mentioning here that $PLTR may soon join the S&P 500 as Invezz reported here.