Palantir Technologies (PLTR -0.09%) has been one of this year’s artificial intelligence (AI) winners, posting double-digit revenue gains, reporting its biggest quarterly profit on record and seeing its shares rise by triple digits. The software company helps its customers consolidate their data and make better use of it. The results could be game-changing as these customers become more efficient, reduce costs and potentially develop major new products and services.

Palantir’s latest earnings report, released in August, showed just how successful the 20-year-old company has been lately: Palantir raised its full-year revenue forecast total, U.S. commercial revenue and adjusted operating profit. Given all this good news, you can be confident about the next earnings report, scheduled for November 4. Should you enter the stock before then? Let’s find out.

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Palantir’s new source of growth

First, let’s take a quick look at Palantir’s story so far. As mentioned, the company has been around for many years, but for most of its history, Palantir has been primarily associated with government contracts. These customers are still generating double-digit revenue gains for the company, but another customer is proving to be a new revenue stream. even stronger growth. I’m talking about the commercial customer.

Companies of Wendy’s has United Airlines have signed with Palantir for its data expertise. Wendy’s uses Palantir’s platform to accelerate decision-making across the company and ultimately drive impact in the areas of supply chain management and waste prevention. United deployed a predictive maintenance solution, saving millions of dollars.

In the latest earnings report, Palantir’s U.S. commercial revenue soared 55%, while government revenue grew 23%. And above all, the number of its commercial customers has skyrocketed. The company had just 14 commercial customers in the United States about four years ago; today, that number stands at nearly 300.

Palantir can probably thank its artificial intelligence platform (AIP) for the strong growth of late. This system uses the power of AI and a customer’s data, and potential customers can get a taste of how important this can be to them through AIP “boot camps”, where users can go from zero to one case of use in just a few hours.

The software company saw high demand for its boot camps, and that translated into deals – in many cases, very soon after a workshop ended. For example, the company says that in the last quarter, a wholesale insurance broker signed a seven-figure deal with Palantir about two weeks after a training camp.

Upcoming Palantir Earnings Report

Looking ahead to next week’s report, there are reasons to be optimistic. AIP, launched last year, is still in the early chapters of its growth story, and the company has said quarter after quarter that demand remains high. This comes against the backdrop of general growth in the AI ​​market, whose current market, estimated at $200 billion, is expected to reach $1 trillion by the end of the decade. As companies rush to harness the power of AI to improve their businesses, Palantir could continue to benefit.

As previously mentioned, last quarter Palantir raised its full-year expectations, projecting at least 23% and 47% year-over-year gains for total revenue and earnings, respectively. commercial income in the United States. And the company expects adjusted operating income to increase by at least 52%.

So things are looking bright for Palantir – but does that mean you should rush to buy the stock ahead of the November 4 earnings report? Not necessarily. The best way to invest is for the long term, meaning holding quality stocks for at least five years – and the benefit of this is that it makes you less vulnerable to short-term stock movements. This means that if Palantir rises or falls after its earnings release, that performance won’t really impact your returns if you hold the stock for several years.

This takes the pressure off because you don’t need to rush out and buy a stock for a specific period of time. That said, Palantir does an interesting purchase — before or after November 4 — thanks to its track record of growth and potential for additional gains in long-term earnings and stock performance.