November 5, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas, including AI and tech stocks reports on trading for Palantir Technologies Inc. (NYSE:PLTR).

The stock is trending today on third quarter results, currently trading at $50.76, up 9.35, gaining 22.57% on volume of over 163 Million shares. The stock had a day’s high of $51.19.

Peter Thiel, Palantir’s Co-Founder & Chairman is also looking for another big win today in the US election, with his bet on VP Candidate J.D. Vance, Trump’s running mate.

Palantir today announced financial results for the third quarter ended September 30, 2024.

“We absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down. This is a U.S.-driven AI revolution that has taken full hold. The world will be divided between AI haves and have-nots. At Palantir, we plan to power the winners,” said Alexander C. Karp, Co-Founder and Chief Executive Officer of Palantir Technologies Inc.

Q3 2024 Highlights

U.S. revenue grew 44% year-over-year and 14% quarter-over-quarter to $499 million

U.S. commercial revenue grew 54% year-over-year and 13% quarter-over-quarter to $179 million

U.S. government revenue grew 40% year-over-year and 15% quarter-over-quarter to $320 million

Revenue grew 30% year-over-year and 7% quarter-over-quarter to $726 million

Closed 104 deals over $1 million

Customer count grew 39% year-over-year and 6% quarter-over-quarter

GAAP net income of $144 million, representing a 20% margin

GAAP income from operations of $113 million, representing a 16% margin

Adjusted income from operations of $276 million, representing a 38% margin

Rule of 40 score of 68%

GAAP earnings per share (“EPS”) grew 100% year-over-year to $0.06

Adjusted EPS grew 43% year-over-year to $0.10

Cash, cash equivalents, and short-term U.S. Treasury securities of $4.6 billion

Cash from operations of $420 million, representing a 58% margin and $995 million on a trailing twelve month basis

Adjusted free cash flow of $435 million, representing a 60% margin and over $1 billion on a trailing twelve month basis

Recent news

https://finance.yahoo.com/news/palantir-reports-revenue-growth-30-210500996.html

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