Palantir Revenue Surges 85 Pct On Strong US Demand

WASHINGTON, May 5 (Bernama-dpa) -- Palantir Technologies reported a sharp rise in quarterly revenue on Monday and raised its full-year outlook as strong demand in the United States continued to drive growth, reported German news agency dpa.

The data analytics and artificial intelligence company said revenue jumped 85 per cent year-on-year to US$1.6 billion. Net income rose to US$870.5 million, compared with US$214 million a year earlier.

Palantir specialises in analysing large datasets and provides software used by intelligence and military agencies.

Growth was led by its US business, where revenue roughly doubled to US$1.28 billion in the quarter. Sales to government agencies rose 84 per cent to US$687 million, while its US commercial business climbed 133 per cent to US$595 million.

The company’s software is used by agencies including the US Department of Homeland Security and the Pentagon. According to media reports, it has also been used in the Iran war.

Chief Executive Alex Karp said on a call with analysts that demand in the United States was currently so strong the company was struggling to keep up.

--BERNAMA-dpa