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Palantir Technologies (PLTR) reported Q1 revenue and profit that topped analyst estimates, driven by surging sales to commercial clients and the US government sector.
The company’s revenue jumped 85% in the first three months of this year to $1.63 billion, beating the consensus estimate of $1.53 billion, according to Bloomberg data.
The majority of that revenue, or $1.28 billion, came from the US alone.
The company said in its release on Monday that its US business more than doubled in 12 months.
Shares in Palantir fell almost 3% in premarket trading on Tuesday as investors weighed its results.
Palantir is seen as a beneficiary of US government contracts across an array of agencies, including the Pentagon, the Department of Homeland Security, and eventhe US Department of Agriculture.
CEO Alex Karp pushed back against those who bet against Palantir’s success and questioned the impact of AI on its business.
“When the whole world said software had to be worthless, we built platforms that work,” Karp said during the company’s earnings call.
“How can a company grow 100% in the US with functionally a non-existent salesforce,” he added.
Adjusted earnings per share rose more than 150% to $0.33, beating estimates of $0.28.
The company raised its full-year revenue guidance to $7.65 billion to $7.66 billion, up from prior guidance of $7.182 billion to $7.198 billion.
It also raised its US commercial revenue forecast for the year to $3.22 billion, up 120% from a prior growth projection of 115%.
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