Palantir tops $1 billion in revenue for the first time

Palantir Technologies exceeded Wall Street expectations by surpassing $1 billion in quarterly revenue for the first time, with a 48% revenue growth. Shares rose over 5%.

CEO Alex Karp noted the company's growth acceleration due to previous investments. Palantir's revised revenue guidance for the year ranges from $4.142 billion to $4.150 billion.

In the third quarter, the firm's U.S. revenue jumped 68% to $733 million, while commercial revenue nearly doubled. Palantir's net income rose 144% to approximately $326.7 million.

The company closed 66 deals of at least $5 million and has seen its market value exceed $379 billion, placing it among the top U.S. firms by market cap.