Jewish billionaire Alex Karp sees Palantir revenue jump 96% to $2.3 billion
Palantir, the big data software firm, saw revenue jump 96% to $2.3 billion in the third quarter.
The short version
- Jewish business figure Alex Karp, who runs Palantir, raised its full-year forecast.
- U.S. commercial sales passed government sales for the very first time.
Palantir Technologies, the big data software firm, said on Monday that third-quarter revenue rose 96% year over year to $2.3 billion, according to Fortune. The results topped last year's 63% growth and $1.2 billion in revenue, pushing the firm to raise its full-year revenue forecast to about $8.53 billion.
In his quarterly letter to investors, Jewish business figure Alex Karp, who runs Palantir, touted the firm's numbers and wrote that it would be an understatement to call them extraordinary. The software maker sits as a bellwether for public market confidence in artificial intelligence software turning into actual revenue growth.
For the first time, U.S. commercial revenue skipped ahead of U.S. government revenue, clocking in at $984 million versus $953 million. That commercial business grew 148% compared to $397 million a year ago, proving that private companies are willing to pay up for high-end tech.
The quarterly report arrived just after a rough week for other tech giants like Alphabet and Intel, where investors worried that massive artificial intelligence spending was sprinting ahead of returns. Karp made no bones about the change he sees coming for every industry from banks to law firms.
Every industry in the world will either be remade or set briskly aside, wrote Karp. Total contract value rose 6% to $2.9 billion while shares climbed about 1.5% in after-hours trading. For the current quarter, the firm forecast revenue of roughly $2.64 billion to $2.65 billion.
When a software giant manages to outrun the skeptics on Wall Street, it pays to watch where the corporate dollars land.
Photo: F ASTILY, CC BY-SA 4.0, via Wikimedia Commons
