Palantir Technologies Inc. (PLTR) reported record quarterly sales of $1.2 billion for the latest period, marking a 63% increase year-over-year. This surge was bolstered by securing $2.8 billion in Total Contract Value (TCV), a remarkable 340% rise from the same period last year. The results were released amid the growing emphasis on artificial intelligence (AI) applications, which Palantir specializes in.
The company also raised its guidance for current year sales, adjusted operating income, and adjusted free cash flow, signaling continued robust growth potential in the AI sector. These updates come as global demand for AI and related technologies intensifies, with semiconductor manufacturing projected to nearly double from $452 billion in 2021 to $971 billion by 2028.
