Palantir Results (PLTR) Q3 2022

A person poses in front of a banner displaying the logo of Palantir Technologies (PLTR) at the New York Stock Exchange (NYSE) on the day of its initial public offering (IPO) in Manhattan, New York City, United States, September 30, 2020.

andrew kelly | Reuters

Shares of Palantize closed more than 11% on Monday after the company reported third-quarter results that missed analysts’ estimates for profit but topped revenue.

Here’s how the company did it:

  • EPS: $0.01 adjusted, versus $0.02 expected by analysts, according to Refinitiv.
  • Revenue: $478 million against $470 million expected by analysts, according to Refinitiv.

Palantir’s revenue for the quarter increased 22% year over year, and its US commercial revenue increased 53%. The software company, known for its work with the government, said its number of business customers in the United States increased 124% year-on-year, from 59 customers to 132.

In a letter to shareholders, Palantir CEO Alex Karp said the company was in the “early stages of a meaningful transformation”.

Karp said Palantir expects regional markets in the United States, such as the Midwest, Southeast, Texas and New England, to grow into billion-dollar businesses. However, Karp said continental European countries were less willing to introduce “software systems that challenge existing habits”.

“We found that large institutions in the United States were much more willing to investigate the most significant sources of systemic dysfunction within their organizations, which today are often related to capacity or rather to an institution’s inability to metabolize its own data,” he said.

Palantir said it expects to generate between $503 million and $505 million in revenue in the fourth quarter, matching analyst estimates of $503 million according to StreetAccount.

“We are building the digital infrastructure that makes possible continued industrial progress in late capitalism,” Karp said in the letter. “The metaverse and other idiosyncratic activities of the technocratic elite may be luxury goods. But fundamental data platforms are not.”

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