Palantir Technologies just achieved a milestone that would have seemed outlandish even to its boldest promoters a year ago: a first-ever billion-dollar quarter, propelled by a runaway boom in artificial intelligence that is now fundamentally transforming how the company operates—and how many employees it believes it needs.
The software and data analytics giant reported $1 billion in revenue for its most recent quarter, up 48% year over year, as it dramatically outpaced Wall Street estimates and posted surges in both commercial and government contracts. U.S. revenue alone jumped 68% to $733 million, with domestic commercial sales skyrocketing 93%. Profit, too, soared by 33% to $327 million, and Palantir raised its outlook for the year, projecting full-year revenues of $4.14 billion to $4.15 billion.
