Palantir raises annual revenue forecast again on surging AI demand
Initially backed by the CIA, the company has capitalised on its expertise in managing and analysing data to help train and run new artificial intelligence apps using its platforms.
The data analytics and defence software firm projected revenue in the range of US$4.14 billion to US$4.15 billion for 2025, up from its earlier forecast of between US$3.89 billion and US$3.90 billion.
'Palantir is continuing to exceed increasingly high expectations,' said Gil Luria, an analyst at D.A. Davidson who has a 'neutral' rating on the stock. 'The only way to describe their trajectory is: parabolic.'
Palantir's shares have more than doubled in value this year, far outpacing the 6 per cent gain for the benchmark S&P 500, as investors bet on its ability to benefit from the proliferation of AI technology and government spending on defence tech.
The company, co-founded by tech billionaire Peter Thiel, said it expects revenue derived from US businesses to come in above US$1.30 billion, up from its earlier guidance of more than US$1.18 billion.
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