Palantir shares climb on strong Q2 results
Palantir Technologies on Thursday reported better-than-expected second-quarter financial results, sending shares up in after-hours trading. The analytics company closed several large deals in Q2, including a number of contracts with the federal government.
Palantir's diluted, adjusted earnings per share came to 4 cents on revenue of $375.6 million, up 49% year-over-year.
Analysts were expecting earnings of 3 cents per share on revenue of $353.23 million.
Total contract value booked grew 175% year-over-year to $925 million.
The company added 20 net new customers in the quarter, bringing total customers up 13% quarter-over-quarter.
During the second quarter, Palantir closed 62 deals of $1 million or more. That included 30 deals worth $5 million or more, as well as 21 deals worth $10 million or more.
Government revenue grew 66% year-over-year to $232 million. In Q2, the company signed new deals with the US Army, Air Force and Coast Guard -- including a two-year, $100 million deal with the United States Special Operations Command (SOCOM). The company also signed new deals with HHS and the CDC, as well as the FAA.
Commercial revenue grew 28% year-over-year to $144 million. US commercial revenue grew 90% year-over-year. Commercial customer count increased 32% quarter-over-quarter.
For the third quarter, Palantir expects $385 million in revenue. Analysts are expecting $376.4 million.
In terms of long-term guidance, Palantir expects annual revenue growth of 30% or greater for 2021 through 2025.