Palantir books its first US$1 billion in quarterly sales and dodges Doge axe
Since going public in 2020, the artificial intelligence software company has swung swiftly to a profit and sales are booming
Shares of Palantir Technologies sailed past previous record highs on Tuesday after booking its first US$1 billion sales quarter and raising its performance expectations for the year.
The stock rose above US$170 on Tuesday after breaking previous records four times this year in the global artificial intelligence race. The previous closing high for the stock was set this week at US$160.66.
Since going public in 2020 when it posted a US$1.17 billion annual loss, the artificial intelligence software company has swung swiftly to a profit and sales are booming. Profit rose 33 per cent to US$327 million in the second quarter.
Its US$1 billion quarterly revenue haul was fuelled by a 53 per cent spike in government sales, despite massive spending cuts under President Donald Trump and his Department of Government Efficiency, once led by the world’s richest man Elon Musk.
“Doge has had zero negative impact on Palantir’s US government business, which achieved its fastest growth rate since the second quarter of 2021,” wrote William Blair analysts Louie DiPalma and Bryce Sandberg.
“Palantir is clearly benefiting from AI industry momentum across its government and commercial customer bases.”