Palantir Technologies reported strong financial results for the third quarter, with earnings per share of 44 cents, surpassing the expected 41 cents, and revenue of $2.31 billion, exceeding the forecast of $2.18 billion. This represents nearly double the revenue from the same period last year, with net income more than doubling to $1.13 billion from approximately $476 million.
Notably, U.S. commercial revenue surged by 148% to $984 million, overtaking U.S. government revenue, which grew by 96% to $953 million. This shift indicates a growing reliance on Palantir's AI solutions in the commercial sector, which has quintupled in revenue over the past two years.
The company has raised its full-year guidance for U.S. commercial revenue to over $3.56 billion, up from a previous estimate of $3.42 billion. Looking ahead, Palantir anticipates fourth-quarter revenue of about $2.65 billion and a total of approximately $8.53 billion for the full year 2026.
CEO Alex Karp emphasized the company's unique performance in the AI software space and reiterated his views on the need for regulation and nationalization of AI labs, highlighting the urgency of addressing the political implications of AI technology