Palantir sees first billion dollars in quarterly sales amid US spending cuts
Since going public in 2020 when it posted a 1.17 billion-dollar (£0.88 billion) annual loss, the artificial intelligence software company has swung to a profit. Profit rose 33% to 327 million dollars (£246 million) in the second quarter.
Its one billion dollars quarterly revenue haul was fuelled by a 53% spike in government sales, despite massive spending cuts under President Donald Trump and his Department of Government Efficiency (Doge), once led by the world's richest man Elon Musk.
'Doge has had zero negative impact on Palantir's US government business, which achieved its fastest growth rate since the second quarter of 2021,' wrote William Blair analysts Louie DiPalma and Bryce Sandberg. 'Palantir is clearly benefiting from AI industry momentum across its government and commercial customer bases.'
The company also recorded a 93% jump in business sales. Overall US revenue surged 68% to 733 million dollars (£551.7 million).
Late Monday, Palantir raised its revenue expectations for 2025 to between 4.14 billion dollars and 4.15 billion dollars (£3.12 billion). It also raised its US commercial revenue guidance to more than 1.3 billion dollars (£0.98 billion), which would mean that Palantir achieved a growth rate of at least 85%.
'This was a phenomenal quarter,' chief executive Alex Karp said in a statement accompanying the earnings release. 'We continue to see the astonishing impact of AI leverage.'
Mr Karp believes AI will benefit everyone, saying during a call with industry analysts on Monday that Palantir is 'bullish on all aspects of American life, including and especially people in the blue collar'.
He said Palantir wants to 'arm the working class or blue collar workers with AI agency enhancing skills', and said that the company will work with labour leaders to help familiarise workers with the technology.
'People with less than a college education are creating a lot value and sometimes more value than people with a college education using our product,' Mr Karp said.
Palantir, headquartered in Denver, specialises in software platforms that pull together and analyse large amounts of data.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
28 minutes ago
- Reuters
Ghislaine Maxwell says she opposes release of grand jury material
NEW YORK, Aug 5 (Reuters) - Ghislaine Maxwell, the former girlfriend of the late financier Jeffrey Epstein who was convicted in 2021 of helping him sexually abuse teenage girls, said on Tuesday she opposed the potential release of transcripts of proceedings before the grand jury that indicted her. President Donald Trump last month instructed Attorney General Pam Bondi to seek the release of the Epstein and Maxwell grand jury material, as he sought to quell discontent from his base of conservative supporters and congressional Democrats over his administration's handling of documents from the cases. Maxwell is serving a 20-year prison sentence after being convicted of sex trafficking. Epstein died by suicide in jail in 2019 while awaiting trial on sex trafficking charges. He had pleaded not guilty.
The Independent
29 minutes ago
- The Independent
‘Has to sting': MTG turned on GOP after Trump snubbed her ambitions to be governor, expert says
Donald Trump 's apparent reluctance to publicly back Georgia Representative Marjorie Taylor Greene 's gubernatorial bid triggered her potential break with the GOP, according to an expert. Once one of the president's most loyal supporters, Greene ramped up her anti-Republican rhetoric over the weekend, claiming that she had become disillusioned with the party and questioned its treatment of female politicians. In an interview with the Daily Mail, the conservative firebrand blasted the Trump administration's handling of the Jeffrey Epstein case, criticized U.S. strikes on Iran's nuclear facilities in June and condemned Israel over its actions in Gaza. Gabby Birenbaum, The Texas Tribune 's Washington correspondent, pointed to one possible source of Greene's fury: her reported ambitions to run for Georgia governor and Trump's lack of public support. 'I think part of the subtext here, right, is she wanted to run for higher office in Georgia, and reportedly he discouraged her,' she told CNN Tuesday morning. 'I mean, I'm sure that has to sting if you're her.' In public, Greene has maintained that she 'has always been Trump's most outspoken ally,' and there is no 'break' between her and the president. Greene announced last Tuesday (July 29) that she will not run for governor next November, citing a desire to focus on her district and a growing frustration with what she called Georgia's 'good ole boy' political system. 'I am humbled and grateful by the massive statewide support that I have to run for Governor, and if I wanted to run we all know I would win,' she wrote in a lengthy X post. 'It's not even debatable.' Weeks before shutting down rumors surrounding a potential gubernatorial bid, Greene pulled her name out of the race for the U.S. Senate seat up for grabs held by Democratic Senator Jon Ossoff. The Congresswoman was reportedly under fire from GOP colleagues – including Trump – who were concerned she might win big at the conservative primary but come up short in a general election. Trump's political team commissioned a poll that showed Greene losing a potential Senate race in Georgia by double digits, sources told the Wall Street Journal last month. The president reportedly shared the result with Greene to discourage her from running in 2026, the sources added.
The Independent
29 minutes ago
- The Independent
Lobbyists have spent over $2M on TV ads in Palm Beach hoping to catch Trump's attention at Mar-a-Lago
Lobbyists in Florida have spent around $2 million on cable TV ads in the Palm Beach area in an apparent attempt to catch the attention of Donald Trump. The president is known to be an avid television watcher, both at home at his Mar-a-Lago residence and during trips to his multiple golf clubs for tournaments. Analysis of advertising data from AdImpact showed the immense amount of cash being focussed on advertising in West Palm Beach, with the Wall Street Journal reporting that the strategy is often referred to by interest groups as targeting an 'audience of one.' A total of $3.1 million had been spent in the market in the first four months of 2025, compared to $629,000 in the same timeframe in 2023 and $183,000 in 2021, according to the data. AdImpact notes that cable makes up 69 percent of the spending (just over $2 million), likely targeting the local Fox News cable networks – the president's favored outlet. Both the Journal and Palm Beach Post cite commercials, including one which includes a clip of the president promising cures to cancer and Alzheimer's disease. The ad is produced by a group with ties to the pharmaceutical industry that are trying to lobby Trump to overturn pricing policy implemented by the Biden administration. Another, produced by the Alliance for Automotive Innovation – noted to be one of the top advertisers in West Palm Beach – is more direct. 'Mr President. Together we can drive innovation and American manufacturing. Let's do it,' the ad reads. John Bozzella, the president of the AAI, told the Journal that the commercial was really 'intended to reintroduce the new administration to the country's largest manufacturing sector.' On a wider scale, WSJ analysis also showed that since Trump's return to the Oval Office in January, more than a dozen groups pushing national issues had bought broadcast and cable ads only in Washington, D.C., and West Palm Beach, according to AdImpact. The data shows that overall spending on Fox News has surged in 2025, as advertisers hope to reach Trump's eyes on the network. Through April, Fox News has seen $19.0 million in national spending, representing 69 percent of all national network spending. The surge in activity in the West Palm Beach market since the president's return to office means that the area now ranks third among national-issue advertising markets, ahead of much larger metro-centers such as Los Angeles, Dallas and Chicago. By contrast, before Trump's return and during the 2024 presidential election, West Palm Beach ranked 40th on the list of areas targeted for national issues-based advertising.
