Palantir (PLTR) Q2 2024 Earnings
Did PLTR Beat Earnings? Q2 2024 Results
Yes. Palantir reported Q2 2024 earnings of $0.09 a share on Aug 5, 2024, beating the $0.08 consensus estimate by 12.5%. Revenue was $678.1M against a $652.1M estimate.
Palantir delivered a convincing beat across the board in Q2 2024, posting adjusted EPS of $0.09 against a consensus estimate of $0.08, a 12.50% positive surprise, while revenue climbed 27.1% year over year to $678.13 million, ahead of the $652.10 million Wall Street had expected. The clearest engine behind the quarter was an explosive surge in US commercial demand, where revenue jumped 55% year over year to $159.00 million and customer count expanded 83% to 295 clients, reflecting accelerating adoption of the company's AI platform. US government revenue also contributed meaningfully, rising 24% to $278.00 million. GAAP profitability continued to expand, with net income reaching $134.13 million at a 20% margin, while adjusted income from operations hit $253.57 million at a 37% margin. Management raised full-year 2024 revenue guidance to $2.74 to $2.75 billion and lifted US commercial revenue guidance to at least $672.00 million, representing growth of at least 47%, underscoring confidence in sustained momentum even as some analysts continue to debate whether the stock's valuation fully reflects execution risk.
- US commercial revenue grew 55% year-over-year with 83% customer count growth
- US commercial remaining deal value grew 103% year-over-year
- 27 deals closed over $10 million in the quarter
- Overall customer count grew 41% year-over-year
- Rule of 40 score of 64%
- Adjusted operating margin expanded to 37% from 25% year-over-year
What Was Palantir's Outlook in Q2 2024?
For Q3 2024, Palantir expects revenue of $697–$701 million and adjusted income from operations of $233–$237 million. For full year 2024, the company raised revenue guidance to $2.742–$2.750 billion, raised US commercial revenue guidance to in excess of $672 million (at least 47% growth), raised adjusted income from operations guidance to $966–$974 million, continues to expect adjusted free cash flow of $800 million–$1 billion, and continues to expect GAAP operating income and net income in each quarter of the year.
PLTR YoY Financials
| Metric | Q2 2024 | Q2 2023 | Year over year |
|---|---|---|---|
| Revenue | $678.1M | $533.3M | +27.2% |
| Gross Profit | $549.6M | $426.4M | +28.9% |
| Operating Income | $105.3M | $10.1M | +945.7% |
| Net Income | $134.1M | $28.1M | +376.9% |
PLTR Revenue by Segment
PLTR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.