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Palantir Technologies (Nasdaq: PLTR) reported 3rd quarter revenues of $726 million, 30% higher than the year-ago period. Revenue from the United States grew 44% year-over-year to $499 million fueled by growth in the commercial sector.
“We absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down,” said Palantir co-founder and CEO Alex Karp.
Originally focused on government contracts in intelligence and military services, Palantir has integrated AI into its data analytics solutions. Last year, the software company launched its Artificial Intelligence Platform to help businesses optimize costs, improve supply chain visibility, and enable better decision-making.
“The world is in the midst of a US-driven AI revolution that is reshaping industries and economies, and we are at the center of it,” Karp wrote in a letter to shareholders.
The company also highlighted its expanded role in Project Maven using AI to help the Pentagon improve accuracy and connectivity between sensors and data streams. The U.S. Defense Department is a long-time customer of Palantir.
Palantir is trading at $47 a share, up 190% year-to-date.
