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Palantir Technologies Inc (NYSE:PLTR) reported first-quarter financial results after the market close on Monday. Here’s a look at the key metrics from the quarter.
Q1 Earnings: Palantir said first-quarter revenue increased 21% year-over-year to $634 million, which beat the consensus estimate of $625.431 million, according to Benzinga Pro.
Commercial revenue grew 27% year-over-year, driven by a 40% year-over-year increase in U.S. commercial revenue. Government revenue climbed 16% year-over-year.
Palantir reported adjusted earnings of 8 cents per share, which was in line with analyst estimates. The company has now delivered six straight quarters of GAAP profitability.
Palantir's customer count grew 42% year-over-year and 11% on a quarter-over-quarter basis. U.S. commercial customer count increased 69% year-over-year to 262 customers. Palantir ended the quarter with cash, equivalents and short-term U.S. treasury securities of $3.9 billion.
Outlook: Palantir expects second-quarter revenue to be between $649 million and $653 million versus estimates of $653.25 million.
The company also raised its full-year 2024 guidance. Palantir now sees full-year revenue in the range of $2.677 billion to $2.689 billion versus estimates of $2.71 billion. The company also raised its U.S. commercial revenue outlook to in excess of $661 million, representing growth of at least 45%.
Palantir noted that it continues to expect adjusted free cash flow of between $800 million and $1 billion for full-year 2024. The company also continues to expect GAAP operating income and net income in each quarter of this year.
Management will hold a conference call to discuss these results at 5 p.m. ET.
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PLTR Price Action: Palantir shares were volatile following the company’s earnings release. The stock was down 6.04% after hours at $23.70 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: PLTR
