Palantir Technologies reported better-than-expected first quarter sales amid strong commercial and government demand.
The analytics company said US commercial revenue was up 72% in the first quarter from a year ago with government sales up 83%.
Palantir reported first quarter revenue of $341 million, up 49% from a year ago, with a net loss of $123.5 million, or 7 cents a share. Non-GAAP earnings were 4 cents a share.
Wall Street was expecting first quarter sales of $332.2 million and non-GAAP earnings of 4 cents a share.
As for the outlook, Palantir projected $360 million in revenue for the second quarter with growth of 43%. Analysts were modeling second quarter sales of $344.3 million.
Palantir said that it expects sales growth to moderate. CEO Alex Karp has said that annual revenue growth will be 30% or more for 2021 through 2025.
Shareholders on a forum to aggregate first quarter questions asked about Palantir buying cryptocurrency for its balance sheet, impact from a partnership with IBM and whether the company can expand with mid-sized companies.
