Palantir Technologies Inc. recently disclosed their first-quarter financial results, highlighting a significant 21% year-over-year revenue growth to $634 million, which exceeded the anticipated figure of $625.431 million. The rise in revenue was attributed to a 27% increase in commercial revenue, particularly driven by a 40% surge in U.S. commercial revenue. Additionally, government revenue also saw a solid 16% year-over-year increase.
Alongside revenue growth, Palantir also reported adjusted earnings of 8 cents per share, in line with what analysts had predicted. This marked the company's consistent six straight quarters of profitability according to GAAP standards. Moreover, the customer count for Palantir experienced a notable 42% year-over-year increase, with U.S. commercial customer count surging by 69% to reach 262 customers. The company ended the quarter with a strong cash position of $3.9 billion in cash, equivalents, and short-term U.S. treasury securities.
Looking ahead, Palantir anticipates second-quarter revenue to fall between $649 million and $653 million, slightly below estimates. Despite this, the company lifted its full-year 2024 forecast, now expecting revenue within the range of $2.677 billion to $2.689 billion. Furthermore, the revised U.S. commercial revenue projection exceeds $661 million, with a growth target of at least 45%. Palantir also maintains its expectations of adjusted free cash flow between $800 million and $1 billion for the entirety of 2024, in addition to projecting GAAP operating income and net income for each quarter of the present year.