Palantir Technologies reported third-quarter revenue of $2.31 billion, a 96% increase from $1.18 billion in the same period of the prior year, the company said Monday, surpassing the $2 billion milestone for the first time and exceeding analyst expectations of $2.18 billion.
Adjusted earnings per share came in at 44 cents, beating estimates of 41 cents, the company said. GAAP earnings per share were 44 cents, compared with 18 cents in the year-ago quarter.
The results highlight a continued shift in Palantir's business mix. U.S. commercial revenue jumped 148% to $984 million, surpassing U.S. government revenue of $953 million for the first time. U.S. government revenue increased 96% to $953 million from $486 million a year earlier.
"We've gone from being the most attractive person in the physics department to being the captain of the football team," Chief Executive Officer Alex Karp said in his quarterly letter to investors, quoted in the company release.
Palantir raised its full-year revenue forecast to between $8.53 billion and $8.534 billion, from as high as $8.2 billion a quarter earlier, representing approximately 91% growth. For the fourth quarter, the company forecast revenue of $2.64 billion to $2.65 billion, representing about 88% growth at the midpoint.
Total contract value rose 6% to $2.9 billion, with U.S. commercial contract value growing 11% to $1.5 billion. The results come amid continued volatility in the tech sector, with Alphabet suffering its worst one-day drop in 22 years as a public company the previous week. Palantir's stock rose about 1.5% in after-hours trading following the announcement before dropping 3.6%.
