NEW YORK, May 11 — Tech billionaire Peter Thiel-backed firm Palantir Technologies Inc today beat quarterly sales estimates as the US data analytics firm clinched more software contracts from businesses and government organizations across the world.
Known mainly for its work with US government defence and intelligence agencies, Palantir enables customers to integrate their data with its software platforms, which helps them get an analytical view of their operations.
Palantir said US governmental revenue grew 83 per cent in the first quarter from a year earlier, while revenue from commercial customers in the United States grew 72 per cent. Its software products are used by customers across 40 industries and in more than 150 countries.
The company, which counts the US Central Intelligence Agency (CIA) as a customer, went public in September through a direct listing involving share offering from existing investors, as opposed to a traditional initial public offering.
The company’s net loss widened to US$123.5 million (RM508 million) in the quarter ended March 31 from US$54.3 million a year earlier.
Revenue rose 49 per cent to US$341.2 million, above estimates of US$332.23 million, according to IBES data from Refinitiv. — Reuters
