Palantir delivered better-than-expected fourth quarter earnings, closed 32 deals worth more than $10 million, and gained enterprise momentum.
The company reported third quarter earnings of $144 million, or 6 cents a share, on revenue of $726 million, up 30% from a year ago. Non-GAAP earnings were 10 cents a share in the quarter.
Palantir Technologies said it will deploy its AI Platform (AIP) on Microsoft Azure for U.S. government agencies and use Azure OpenAI service.
Palantir reported better-than-expected fiscal second quarter results as it posted 55% growth in its US commercial business. The company also plans to expand its base of customers in manufacturing.
AI Begins And Ends With Nvidia
Despite the massive buzz on AI, only a few core companies that power the Age of AI will succeed. The high capital costs of research and development investment, the time required to take a product to market, and the ability to cross competitive moats create a massive barrier to entry. In fact, only a few vendors have shown significant profits in AI:
Palantir continued to gain enterprise customers in the first quarter as it delivered first quarter earnings in line with expectations. Commercial revenue was up 40% in the US from a year ago with global government revenue up 16%.
Palantir will move its workloads to Oracle Cloud Infrastructure in a partnership that also includes the two companies jointly selling to governments as well as enterprises.
The upcoming parity point between commercial revenue and Palantir's core government business is worth watching.
