Companies /Technology

Palantir Technologies Inc - Class A

NYSE: PLTR Software - Infrastructure
$177.50
â–² $4.77 (+2.76%) today
Markets closed · 12:29am ET

Q3 2024 Earnings

Reported Nov 4, 2024, 4:07pm ET · SEC source
$0.10
Beat +11.11%
EPS · est. $0.09
$725.5M
Beat +3.48%
Revenue · est. $701.1M
+43.9%
Beating market
PLTR vs S&P since report
10 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−7%0+7%Nov 4Nov 5report 4:07pm ETearnings+1.6%+9.0%
−7%0+7%Nov 4Nov 5earnings+1.6%+9.0%
PLTR +9.0%S&P 500 +1.6%
−7%0+7%Nov 4Nov 5report 4:07pm ETearnings+1.4%+9.0%
−7%0+7%Nov 4Nov 5earnings+1.4%+9.0%
PLTR +9.0%NASDAQ +1.4%
0+20%Nov 4Nov 12report 4:07pm ETearnings+4.6%+28.2%
0+20%Nov 4Nov 12earnings+4.6%+28.2%
PLTR +28.2%S&P 500 +4.6%
0+20%Nov 4Nov 12report 4:07pm ETearnings+5.4%+28.2%
0+20%Nov 4Nov 12earnings+5.4%+28.2%
PLTR +28.2%NASDAQ +5.4%
+23.47%
Day of report
+8.61%
Next session
+17.05%
One week
+49.31%
30 days

S&P 500 over the same 30 days: +5.39%.

Did PLTR Beat Earnings? Q3 2024 Results

Palantir Technologies turned in a standout third quarter, posting adjusted EPS of $0.10 against a consensus estimate of $0.09, an 11.11% beat, while revenue climbed 30% year-over-year to $725.52 million, topping the $701.13 million estimate by 3.48%. The single clearest engine behind those numbers was an accelerating U.S. business, where commercial revenue surged 54% year-over-year to $179 million as enterprises rushed to deploy the company's AI platform, a wave CEO Alexander Karp described as "unrelenting AI demand that won't slow down." Profitability moved sharply alongside growth, with GAAP operating income nearly tripling year-over-year to $113.14 million and adjusted free cash flow hitting $434.54 million, a 60% margin. The company's planned transfer to the Nasdaq, anticipated to bring Nasdaq 100 eligibility, added a further catalyst for investor enthusiasm around the print. Management raised full-year 2024 revenue guidance to approximately $2.81 billion and now expects U.S. commercial revenue to exceed $687 million, reflecting at least 50% growth, while projecting Q4 revenue of $767 to $771 million.

Key Takeaways
  • Unrelenting AI demand driving U.S. revenue acceleration
  • U.S. commercial revenue grew 54% year-over-year
  • U.S. government revenue grew 40% year-over-year
  • 104 deals closed over $1 million in the quarter
  • Customer count grew 39% year-over-year
  • Rule of 40 score of 68%

“We absolutely eviscerated this quarter, driven by unrelenting AI demand that won't slow down. This is a U.S.-driven AI revolution that has taken full hold. The world will be divided between AI haves and have-nots. At Palantir, we plan to power the winners.”

Palantir CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2024, Palantir expects revenue of $767–$771 million and adjusted income from operations of $298–$302 million. For full year 2024, the company raised revenue guidance to $2.805–$2.809 billion, U.S. commercial revenue guidance to in excess of $687 million (at least 50% growth), adjusted income from operations guidance to $1.054–$1.058 billion, and adjusted free cash flow guidance to in excess of $1 billion. The company continues to expect GAAP operating income and net income in each quarter of 2024.

PLTR YoY Financials

Q3 2024 vs Q3 2023 · SEC filings Q3 2023 Q3 2024
$0$200.0M$400.0M$600.0M$558.2M$725.5MRevenue$450.2M$578.9MGross Profit$40.0M$113.1MOperating Income$71.5M$143.5MNet Income
$0$200.0M$400.0M$600.0MRevenueGross ProfitOperating IncomeNet Income

PLTR Revenue by Segment

U.S. Government$320.0M+40.0%
U.S. Commercial$179.0M+54.0%

PLTR Revenue by Geography

United States$499.0M+44.0%

Figures from SEC filings and company reports. Not investment advice.