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Data analytics firm Palantir reports 36% jump in quarterly revenue -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of Palantir Technologies in Davos. It was taken January 22, 2020. REUTERS/Arnd Wiegmann/File Photo

(Reuters) –U.S. data analysis firm Palantir Technologies (NYSE 🙂 announced a 36% increase in its third quarter revenue Tuesday, as it landed more commercial and government contracts.

The company’s shares rose 1.5% in premarket trading to 27.14, thanks to the backing of tech billionaire Peter Thiel.

Palantir provides software for the United States and its “allies” but is best known for working with U.S. agencies such as the Central Intelligence Agency. The two platforms it offers, Gotham and Foundry allow companies, government agencies, and non-profit organisations to combine and analyze complex data.

Palantir has enjoyed a steady stream of public sector deals, including one with U.S. military to deploy software for defense decision-making and a continued contract with U.S. National Institutes of Health in support of COVID-19 research.

Palantir announced that 34 customers were added in the third quarter.

From $853.3million or 94cs per share one year ago, net loss was reduced to $102.1 million (or 5 cents per share)

The quarter ending Sept. 30, saw revenue rise to $392.2 million, compared with $289.4million a year prior. According to IBES data from Refinitiv, analysts had predicted a revenue average of $385 millions.

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