Palantir Q3 Earnings Surpass Projections With 20% Stock Rise Amid Increasing Demand for its AI Platform

Strong demand for artificial intelligence platform boosts Q3 profits to $72 million, nearly tripling user count in five months, with raised annual revenue projections to over $2.2 billion.

Palantir posted a net income of $72 million in Q3 2023, marking a significant increase from a net loss of $123.9 million in the same period last year. The increase was driven largely by demand for its Artificial Intelligence Platform (AIP).
The number of users of Palantir's AIP nearly tripled in the last quarter, expanding its user base to almost 300 distinct organizations just five months after launch.
Palantir's AIP is in use by a diverse range of entities, including the U.S. government and military, and commercial customers like HCA Healthcare, Eaton Corp., Intuit, and the New York Stock Exchange.
Following successful Q3 results, Palantir raised its full-year revenue guidance from $2.212 billion to between $2.216 billion and $2.22 billion.
The company secured multiple new contracts during Q3, leading to a 34% year-over-year increase in its customer count, including a 37% increase in U.S. commercial customers.