WASHINGTON, D.C. – Palantir, the data analytics company known for its work with the U.S. government, reported a 20% increase in revenue for the fourth quarter ending Dec. 31, 2023. The company’s revenue rose to $608.4 million, up from $508.6 million a year earlier. Palantir’s co-founder and CEO, Alex Karp, highlighted the company’s growth and expansion, emphasizing the surging demand for its Artificial Intelligence Platform.
In a letter to shareholders, Karp expressed confidence in the company’s trajectory, noting that the demand for large language models in the U.S. “continues to be unrelenting.” The company has been actively rolling out its AI Platform and saw a significant increase in pilot projects with the technology in 2023, signaling a growing interest in their products.
Looking ahead, Palantir expects to report between $612 million and $616 million in revenue for its first quarter, with full-year revenue guidance between $2.65 billion and $2.67 billion. These projections slightly fell short of Wall Street expectations, but the company remains optimistic about its future performance.
One notable trend highlighted by Palantir is the significant growth in its U.S. commercial revenue, which saw a 70% increase year over year. The company also reported a 55% growth in its U.S. commercial customer count, signaling a strong foothold in the commercial sector.
Additionally, Palantir’s consistent profitability over the last four quarters has made it eligible for inclusion in the S&P 500, marking a significant milestone for the company’s financial standing.
To delve deeper into the company’s financial performance and future prospects, Palantir will be hosting its quarterly call with investors at 5 p.m. ET.
Overall, Palantir’s latest financial report paints a picture of strong growth and a promising outlook for the company as it continues to expand its presence in both government and commercial sectors.