Palantir Reports Q2 Earnings In Line With Estimates, Announces $1 Billion Buyback, Raises Guidance As AI Demand Soars

Zinger Key Points
  • CEO Alex Karp says its AI platform has added customers across more than 100 organizations in less than three months. 
  • Palantir says Q2 revenue increased 13% year-over-year to $533.32 million, which was in line with consensus estimates.

Palantir Technologies Inc PLTR reported second-quarter financial results after the bell. Here's a rundown of the results

Q2 Earnings: Palantir said second-quarter revenue increased 13% year-over-year to $533.32 million, which was in line with consensus estimates, according to Benzinga Pro. The AI-focused data software company reported quarterly earnings of 5 cents per share, which was also in line with analyst estimates. The company also booked its third consecutive quarter of GAAP profitability. 

Commercial revenue grew 10% year-over-year. U.S. commercial revenue increased 20% year-over-year. Government revenue climbed 15% year-over-year. International government revenue was up 31%. 

Palantir's customer count grew 38% year-over-year and 8% quarter-over-quarter. U.S. commercial customer count increased 35% year-over-year. 

Cash from operations came in at $90 million, representing a 17% margin. Adjusted free cash flow came in at $96 million, representing an 18% margin. 

Palantir ended the quarter with cash, equivalents and short-term U.S. treasury securities of $3.1 billion.

The company also said its board authorized a $1 billion share repurchase program. 

In a letter to shareholders, CEO Alex Karp said its AI platform has added customers across more than 100 organizations in less than three months. 

"The demand for AIP is unlike anything we have seen in the past 20 years. We are currently in discussions with more than 300 additional enterprises to deploy AIP within their organizations," Karp said. 

Outlook: Palantir said it expects third-quarter revenue to be between $553 million and $557 million versus estimates of $552.09 million.

Adjusted income from operations is expected to be between $135 million and $139 million. The company also guided for GAAP net income in the third quarter.

For the full year, Palantir raised its revenue guidance to "in excess of $2.212 billion" versus estimates of $2.21 billion. The company also raised its full-year adjusted income from operations to "in excess of $576 million."

Management will hold a conference call to discuss these results at 5 p.m. ET.

See Also: 10 Information Technology Stocks With Whale Alerts In Today's Session

PLTR Price Action: Palantir shares were up 3.22% after hours at $18.57 at the time of publication, according to Benzinga Pro.

Photo: Courtesy of Palantir.

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