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Palantir Technologies Reports Strong Growth
Palantir Technologies (NASDAQ: PLTR) closed nearly $2.3 billion in contract value in the second quarter of 2023, a 140% increase year-over-year. The company reported total revenue growth of 68% year-over-year, reaching $733 million, with U.S. commercial business growing 93% year-over-year. The customer count increased by 43%, bolstered by 157 new contracts worth at least $1 million.
Palantir’s unique AI-driven platforms provide significant advantages for organizations, but its stock is considered highly valued with a price-to-sales ratio of 118 and a forward P/E ratio of 256. Despite these figures, analysts note the potential for continued growth given the company’s long-term contracts and recurring revenue streams.
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