Palantir Technologies reported a standout first quarter, beating analyst estimates on earnings and revenue while raising its full-year guidance for the second straight quarter.
For the period ending March 31, the big data analytics firm posted adjusted earnings of 33 cents per share on revenue of $1.63 billion-up 85% year-over-year. Both figures topped consensus expectations. The 85% revenue growth marks Palantir’s highest-ever year-over-year rate.
U.S. revenue doubled, climbing 104% to $1.282 billion, driven by a 133% jump in commercial revenue to $595 million and an 84% rise in government revenue to $687 million.
Palantir closed 206 deals worth at least $1 million, including 72 deals over $5 million and 47 over $10 million. Total contract value reached $2.41 billion, up 61% from a year ago.
GAAP net income hit $871 million, a 53% margin, while adjusted operating income came in at $984 million, a 60% margin. The company ended the quarter with $8 billion in cash and short-term securities.
CEO Alex Karp noted the company’s Rule of 40 score now stands at 145%, which he said puts Palantir in the same league as Nvidia, Micron, and SK Hynix.
For the second quarter, Palantir expects revenue between $1.797 billion and $1.801 billion. The company raised its full-year revenue forecast to a range of $7.65 billion to $7.662 billion, above analyst estimates of $7.27 billion. U.S. commercial revenue guidance was lifted to at least $3.224 billion, growth of 120% or more.
Shares fell slightly in after-hours trading despite the beat.