Palantir (PLTR) Q3 2024 Earnings
How Did PLTR Stock React to Q3 2024 Earnings?
S&P 500 over the same 30 days: +5.39%.
Did PLTR Beat Earnings? Q3 2024 Results
Yes. Palantir reported Q3 2024 earnings of $0.10 a share on Nov 4, 2024, beating the $0.09 consensus estimate by 11.1%. Revenue was $725.5M against a $701.1M estimate.
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.
- 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
What Was Palantir's Outlook in Q3 2024?
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
| Metric | Q3 2024 | Q3 2023 | Year over year |
|---|---|---|---|
| Revenue | $725.5M | $558.2M | +30.0% |
| Gross Profit | $578.9M | $450.2M | +28.6% |
| Operating Income | $113.1M | $40.0M | +183.0% |
| Net Income | $143.5M | $71.5M | +100.7% |
PLTR Revenue by Segment
PLTR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.