Palantir Stock Soars on Blockbuster Q2 Earnings
Commercial Applications Fuel 55% Growth
Revenue Up 27% to $678 Million
Palantir Technologies Inc. (NYSE: PLTR) has reported a remarkable financial performance for the second quarter of 2023, prompting us to raise our fair value estimate for the narrow-moat software firm to $19 from $16.
The company's success in the US commercial market continues to impress, with sales from this segment expanding a staggering 55% year-over-year to $159 million. Overall, Palantir's second-quarter sales reached $678 million, a 27% increase year-on-year and significantly exceeding our earlier forecast of $651 million.
This strong performance builds on the company's momentum from the first quarter of 2024, when it reported a 21% year-over-year revenue increase to $634 million, driven primarily by its commercial applications.
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