Palantir Technologies Delivers Strong Q3 Results, Analyst Sees Potential Re-Ratings
Palantir Technologies Inc. (PLTR) reported strong third-quarter financial results, exceeding analyst expectations on both revenue and earnings. The company's performance was driven by strong customer growth, with the total customer count increasing by 39% year-over-year.
Wedbush analyst Dan Ives, who calls Palantir "The Messi of AI," believes the company's results could lead to potential re-ratings. He highlighted the strength of Palantir's U.S. Commercial business and the impressive growth in U.S. Government revenue, which increased by 40% year-over-year.
Ives also noted the success of Palantir's partner ecosystem expansion and AIP bootcamps, which he believes are key drivers of the company's growth. He sees Palantir's strong forward guidance as evidence of continued pipeline growth for its AI platform, AIP.
Palantir's strong performance has led Ives to maintain an Outperform rating on the stock. He is likely to update his price target after further analysis of the company's latest results.
Palantir exceeded analyst expectations in its Q3 financial results.
The company's customer count grew by 39% year-over-year.
U.S. Commercial and U.S. Government revenue were strong growth drivers.
Ives believes Palantir's results could lead to potential re-ratings.
He maintains an Outperform rating on the stock.
Palantir closed 104 deals worth over $1 million during the quarter.
The company guided for fourth-quarter revenue of $767 million to $771 million.
Palantir shares were up 12.77% in after-hours trading.