Palantir (PLTR) Q1 2024 Earnings
Did PLTR Beat Earnings? Q1 2024 Results
Yes. Palantir reported Q1 2024 earnings of $0.08 a share on May 6, 2024, beating the $0.08 consensus estimate by 0.0%. Revenue was $634.3M against a $634.3M estimate.
Palantir opened 2024 on solid footing, posting Q1 revenue of $634.34 million, up 20.8% year-over-year, and adjusted EPS of $0.08, both landing precisely in line with consensus expectations, with the real story buried inside the numbers rather than in any headline beat. The standout driver was a powerful acceleration in U.S. commercial business, where revenue surged 40% year-over-year to $150.00 million, fueled by the rapid adoption of Palantir's artificial intelligence platform and a 69% expansion in U.S. commercial customer count to 262 clients. That momentum lifted total commercial revenue 27% year-over-year to $299.00 million, while government revenue contributed a steady $335.00 million. Profitability continued its streak, with adjusted operating margins reaching 36% and the company logging its sixth consecutive quarter of GAAP profitability. Though some observers noted the stock's valuation remains a point of debate, management raised full-year 2024 revenue guidance to $2.68 billion to $2.69 billion and lifted U.S. commercial revenue expectations to at least $661.00 million, implying growth of no less than 45%.
- US commercial revenue grew 40% year-over-year to $150 million
- US commercial customer count grew 69% year-over-year to 262 customers
- US commercial remaining deal value grew 74% year-over-year
- Total customer count grew 42% year-over-year
- Sixth consecutive quarter of expanding adjusted operating margins
- Rule of 40 score of 57%
What Was Palantir's Outlook in Q1 2024?
For Q2 2024, Palantir expects revenue of $649–$653 million and adjusted income from operations of $209–$213 million. For full year 2024, the company raised revenue guidance to $2.677–$2.689 billion, raised U.S. commercial revenue guidance to in excess of $661 million (at least 45% growth), raised adjusted income from operations guidance to $868–$880 million, maintained adjusted free cash flow guidance of $800 million–$1 billion, and continues to expect GAAP operating income and net income in each quarter.
PLTR YoY Financials
| Metric | Q1 2024 | Q1 2023 | Year over year |
|---|---|---|---|
| Revenue | $634.3M | $525.2M | +20.8% |
| Gross Profit | $518.1M | $417.5M | +24.1% |
| Operating Income | $80.9M | $4.1M | +1,865.5% |
| Net Income | $105.5M | $16.8M | +528.1% |
PLTR Revenue by Segment
PLTR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.