Palantir closed a $10 billion software and data contract with the US Army last week|@PalantirTech|X
Palantir Technologies Inc. announced Monday that it hit a major milestone, topping $1 billion in quarterly revenue for the first time—beating Wall Street expectations of $940 million.
The company’s business saw major gains, especially in commercial and government contracts. It closed a $10 billion software and data contract with the US Army last week.
Palantir raised its full-year revenue forecast to $4.15 billion.
CEO Alex Karp says Palantir aims to massively grow revenue tenfold while shrinking headcount to around 3,600 people. It currently employs 4,100.
Palantir’s net income rose 144% from a year ago to $326.7 million. Its shares have surged this year, pushing its valuation to $379 billion.
The data firm has surpassed Salesforce, IBM, and Cisco to become one of the top 10 US tech firms by market capitalization.