Palantir’s Strong Quarter Hides a Potential Signal of Slowing Enterprise Sales
Hiding inside Palantir’s skyrocketing quarter is a foreboding signal
- Who
- Palantir
- What
- reported third-quarter financial results showing record revenue and signs of slowing enterprise sales
- Quote
Palantir delivered such a huge third-quarter earnings report on Monday that its press release even bragged that the numbers were “crushing consensus expectations.”
What happened
Palantir reported third-quarter revenue of $2.31 billion, up 96% year over year, and U.S. commercial revenue exceeded U.S. government revenue for the first time. CEO Alex Karp said enterprise customers are moving faster to deployment but often start with shorter contracts. The company closed $1.46 billion in U.S. enterprise total contract value, down from $2.13 billion in the previous quarter, raising questions about the pace and durability of its commercial growth.
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See the full storyPalantir Posts Record Revenue as Enterprise Contract Value FallsThe story so far
Palantir reported third-quarter revenue of $2.31 billion, up 96% year over year, and said U.S. commercial revenue exceeded U.S. government revenue for the first time. The results set a company record, while a drop in new U.S. enterprise contract value raised questions about the pace of commercial growth. Palantir closed $1.46 billion in U.S. enterprise total contract value, down from $2.13 billion in the previous quarter. CEO Alex Karp said enterprise customers are moving faster to deployment but often begin with shorter contracts.
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