Shares of Palantir Technologies Inc. rose more than 12% in late trading today after the big data analytics company reported higher-than-expected earnings and revenue in its fiscal third quarter and revised upwards its outlook for the whole year.

For the quarter ended September 30, Palantir reported adjusted earnings per share of 10 cents, compared with seven cents per share in the same quarter last year, on revenue of $725.5 million, or 30 % from one year to the next. Both were beats, like the analysts had expected adjusted earnings per share of nine cents on revenue of $705 million.

Palantir’s strong numbers were driven by customer growth, with the company closing 104 deals in the quarter worth more than $1 million and its overall customer count growing 39% year-over-year. on the other and 6% from one quarter to the next. A significant portion of the company’s growth has been driven by the U.S. government, with Palantir reporting that U.S. government revenue grew 40% year-over-year and 15% quarter-over-quarter. other, to reach $320 million. U.S. commercial revenue also increased, 54% year-over-year to $179 million.

Operating cash flow for the quarter was $420 million, a margin of 58%, and Palantir ended the quarter with $4.6 billion in cash, cash equivalents and short-term U.S. Treasury securities .

Highlights of the quarter include Palantir partnering with the Ukrainian government to use its artificial intelligence platform to improve decision-making in humanitarian demining operations.

Palantir also signed a new five-year, $100 million contract to expand Maven Smart System’s artificial intelligence and machine learning capabilities across the U.S. military services. The Maven Smart System, developed by Palantir, integrates advanced AI and machine learning to improve military operations by providing real-time data analysis and decision support across various U.S. military branches.

Additionally, Palantir also introduced Visual Navigation (VNav), a system designed to support autonomous drone missions in GPS-compromised areas by providing precise navigation independent of GPS or radio control signals. The service uses embedded intelligence and software to ensure reliable operations even in harsh environments and, in doing so, improves the effectiveness of autonomous systems in modern military scenarios.

“We completely gutted this quarter, driven by relentless demand for AI that will not slow down,” Alexander C. Karp, co-founder and CEO of Palantir, said in the company’s statement. publication of results. “This is a US-led AI revolution that has fully taken root. »

“The world will be divided between those who have AI and those who don’t,” Carp added. “At Palantir, we plan to power the winners.”

For its fourth fiscal quarter, Palantir expects revenue between $767 million and $771 million. For the full year and revised upwards, the company now expects revenue between $2.805 billion and $2.809 billion.

“Palantir has once again demonstrated its effectiveness in capitalizing on the excitement surrounding AI in the broader market,” Jordan Berger, an analyst at global research firm Third Bridge, told SiliconANGLE in a e-mail. “Palantir’s US business segment is a focal point for evaluating its go-to-market implementation of AI solutions, and Q3 2024 performance remained consistently exceptional with 54% year-over-year growth. on the other, which prompted the company’s second increase in forecasts for this segment this year and contributed to increased expectations for 2024 revenue.

Berger also noted that revenue growth accelerated to 30%, “spurred also by an outsized contribution from the company’s U.S. government sector, which accelerated sharply to 40% year-over-year growth.” on the other.

Picture: Palantir