Artificial Intelligence: AI data company Palantir reports more than 90 percent revenue increase

Palantir, the data analytics firm known for its collaborations with US security agencies, experienced rapid growth last quarter. The AI ​​company nearly doubled its revenue year-over-year, with a 93 percent increase. With revenue of almost $1.94 billion, Palantir significantly exceeded analysts’ expectations, who had on average anticipated $1.8 billion. Revenue grew by roughly one-fifth in just three months.

The stock rose by more than nine percent in after-hours trading. Palantir raised its revenue forecast for the entire year and surpassed market expectations with its forecast for the current quarter.

Palantir specializes in the analysis of large datasets and provides software used to analyze intelligence and military information, among other things.

High demand in the US

The current growth is primarily driven by the US business. Revenue in its home market more than doubled in the last quarter, reaching $1.57 billion compared to the same period last year. Business with government agencies grew by 90 percent to $809 million. Palantir’s software is used by, among others, the Department of Homeland Security and the Pentagon—and, according to media reports, also in the Iran-Iraq War. Business with companies in the US increased by 149 percent to $764 million.