Palantir Technologies, a leading software company, has reported its third consecutive profitable quarter and announced a significant buyback authorization of $1 billion. The company posted second-quarter net income of $28 million, or 1 cent per share, marking a remarkable turnaround from the year-earlier period when it incurred a net loss of $179.3 million, or 9 cents per share. These results were in line with analysts’ expectations.
On an adjusted basis, Palantir reported earnings per share of 5 cents, meeting the consensus estimate. The company’s revenue also witnessed growth, rising from $473 million to $533 million, aligning with the FactSet consensus. Notably, Palantir’s commercial revenue reached $232 million, a 10% increase from the previous year, while its government revenue amounted to $302 million, a 15% increase.
Following the release of the report, Palantir shares initially experienced a slight decline but eventually surged more than 1% in after-hours trading. Chief Revenue Officer Ryan Taylor expressed enthusiasm about the company’s performance, stating that Palantir continues to witness unprecedented demand. This includes engaging with new customers as well as existing ones who are expanding their utilization of Palantir’s software, particularly in relation to the company’s artificial intelligence offerings. Taylor also highlighted the strength of Palantir’s U.S. government work.
These positive results and prospects position Palantir Technologies for further growth and success in the software industry. This momentum, coupled with the company’s commitment to profitability and the authorization of a significant buyback, reinforces confidence in Palantir’s future performance.
