Aug 3 (Reuters) – Palantir Technologies on Monday raised its annual revenue forecast again, signaling strong demand for its data analytics software from government and commercial clients.
Shares of the company rose 8% in extending trading.
Palantir now expects annual revenue between $8.150 billion and $8.158 billion, up from its prior forecast of $7.650 billion to $7.662 billion.
“Our business is compounding at a rate and scale that we have never before witnessed,” CEO Alex Karp said in a letter to shareholders.
Modern warfare and geopolitical uncertainty have forced governments to invest in advanced defense technologies such as Palantir’s AI-powered battlefield software and Anduril’s autonomous drones.
Founded in 2003, Palantir offers tools including its Artificial Intelligence Platform (AIP) for deploying AI applications, Gotham for defense and intelligence operations, and Apollo for managing software deployments, helping government and enterprise clients make decisions using their own data.
Anduril and Palantir are working together to develop software for U.S. President Donald Trump’s Golden Dome antimissile shield initiative, several media outlets including Reuters reported earlier this year.
Palantir also raised its forecast for U.S. commercial revenue to be more than $3.424 billion, from $3.224 billion earlier.
The outlook for third-quarter revenue of between $2.160 billion and $2.164 billion was above analysts’ average estimate of $2 billion, according to data compiled by LSEG.
The company reported adjusted earnings per share of 41 cents in the second quarter, beating estimates of 35 cents. Revenue rose 93% to $1.94 billion, exceeding estimates of $1.80 billion.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Sriraj Kalluvila)
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