Palantir Technologies lifts guidance after Q2 results beat; shares jump

Investing.comAug 5, 2024 8:34 PM

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Investing.com -- Palantir Technologies hiked its annual guidance Monday after reporting second-quarter results that beat Wall Street estimates as the big data analytics company benefited from new business wins in a sign of ongoing momentum in artificial intelligence.

For 2024, the company is now guiding revenue in range of $2.742 billion to $2.750B, up from a range of $2.68B and $2.69B previously.

Palantir Technologies Inc (NYSE:PLTR) surged more than 15% in aftermarket trading following the news.

Palantir reported Q2 adjusted earnings of $0.09 a share on revenue of $678.1 million. That compared with analysts estimates for adjusted EPS of $0.08 on revenue of $653.2M.

The better-than-expected results followed a slew of new business wins as the company closed 27 deals over $10M, taking customer count growth to 41% year over year in Q2.

Looking ahead, the company forecast Q3 revenue of $697M to $701M, compared with Wall Street estimates for $680.7M.

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