Palantir Technologies Inc. reported a robust financial performance for the first quarter ended March 31, 2024, with a significant increase in revenue and income from operations. The company's revenue grew by 21% year-over-year to $634.3 million, up from $525.2 million in the same period last year. Income from operations saw a substantial rise to $80.9 million, compared to $4.1 million in the previous year. The adjusted income from operations, excluding stock-based compensation and related employer payroll taxes, was $226.5 million, a notable increase from $125.1 million in the prior year's quarter. Gross profit also improved, reaching $518.1 million with a gross margin of 82%, up from $417.5 million and a gross margin of 80% in the first quarter of 2023. Palantir's customer base expanded to 554 customers, a growth...Show More

Palantir Technologies Inc. reported a robust financial performance for the first quarter ended March 31, 2024, with a significant increase in revenue and income from operations. The company's revenue grew by 21% year-over-year to $634.3 million, up from $525.2 million in the same period last year. Income from operations saw a substantial rise to $80.9 million, compared to $4.1 million in the previous year. The adjusted income from operations, excluding stock-based compensation and related employer payroll taxes, was $226.5 million, a notable increase from $125.1 million in the prior year's quarter. Gross profit also improved, reaching $518.1 million with a gross margin of 82%, up from $417.5 million and a gross margin of 80% in the first quarter of 2023. Palantir's customer base expanded to 554 customers, a growth from 391 in the previous year, with average revenue from the top twenty customers increasing by 9%. The company's business development has been marked by the deployment of its newest offering, the Artificial Intelligence Platform (AIP), and the expansion of its Apollo platform. Palantir continues to focus on broadening market access to its software platforms and is actively exploring partnerships and investment opportunities to enhance its product and service offerings. Looking ahead, Palantir anticipates accelerated growth among a broader set of customers in both commercial and government sectors. The company remains vigilant of macroeconomic trends, including geopolitical tensions and foreign currency fluctuations, and is monitoring their potential impact on the business.