Palantir, turnover above estimates thanks to Pentagon orders
Palantir's government division sells data analysis and artificial intelligence software to defence and intelligence agencies
Palantir Technologies, a US company specialising in software for analysing data with artificial intelligence technologies, beat Wall Street estimates for first-quarter sales, thanks to growing demand for its data analysis software from US government and commercial customers.
Turnover above expectations
The company reported revenue of $1.63 billion for the quarter ended 31 March, exceeding analysts' average estimate of $1.54 billion. Revenue from US business customers jumped 133% to $595 million, while revenue from US government customers increased 84% to $687 million in the first quarter.
The Intelligence Software
Palantir's US government division sells data analysis and artificial intelligence software to defence and intelligence agencies, while its US commercial division provides enterprise artificial intelligence platforms that help companies integrate data and automate operational decision-making processes.
Official Pentagon Supplier
The company's Maven artificial intelligence system will become an official Pentagon programme, as reported by Reuters in March, thus ensuring the long-term use of the company's weapons targeting technology throughout the US military.
'The US remains the centre, the constant core of our business. And this business is expanding strongly," said CEO Alex Karp in a letter to shareholders.
