Palantir beats Wall Street estimates, forecast sales above expectations

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Aug 12 : Palantir Technologies Inc beat Wall Street estimates for quarterly revenue and forecast current-quarter sales above expectations, as the U.S. data analytics firm shored up more software contracts with corporations and government agencies.

Shares of the Denver, Colorado -based company were up nearly 6% in premarket trading on Thursday.

Co-founded in 2003 by technology billionaire Peter Thiel, Palantir caters to government bodies and other industries with its two software platforms that allow customers to integrate their own data with the platforms and helps them get an analytical view of their operations.

The company, mainly for its work with U.S. government defense intelligence agencies including the Central Intelligence Agency, has also partnered with companies such as 3 M and Rio Tinto for data offerings.

Palantir estimates its third-quarter revenue to come in at about $385 million, above estimates of $376.1 million, according to IBES data from Refinitiv.

Revenue surged to $376 million in the second quarter of 2016 from nearly $252 million a year earlier, said the company on Thursday. Analysts had predicted revenue of $352.3 million in quarterly income forecast.

The software company expects its full-year adjusted free cash flow in excess of $300 million, up from the total of $150 million.