Data analytics firm Palantir reports 36per cent jump in quarterly revenue
FILE PHOTO: The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland January 22, 2020. REUTERS/Arnd Wiegmann/File Photo
U.S. data analytics firm Palantir Technologies reported a 36per cent rise in third-quarter revenue on Tuesday as it landed more government contracts and commercial deals.
Shares of the company, backed by tech billionaire Peter Thiel, rose 1.5per cent to 27.14 in premarket trading.
Palantir, which provides its software to the United States and "its allies," is known for its work with the U.S. government agencies like the Central Intelligence Agency. Its two software platforms, Gotham and Foundry, allow government bodies, companies and non-profit organizations to integrate and analyze complicated data.
Palantir has had a steady flow of deals from the public sector, including one with the U.S. army to deploy its software to help in defense decision-making as well as a continuing contract with the U.S. National Institutes of Health to support COVID-19 research during the current quarter.
Palantir said it added 34 net new customers in the third quarter.
Net loss narrowed to US$102.1 million, or 5 cents per share, from US$853.3 million or 94 cents per share a year earlier.
Revenue rose to US$392.2 million in the quarter ended Sept. 30 from US$289.4 million a year earlier. Analysts on average had expected a revenue of US$385 million, according to IBES data from Refinitiv.
(Reporting by Chavi Mehta in Bengaluru; editing by Arpan Varghese)
