Palantir’s Strong Q2 Earnings Indicate AI Adoption
Palantir Technologies (NASDAQ: PLTR) reported a second-quarter revenue of $1 billion, marking a 48% year-over-year increase and exceeding Wall Street’s expectations of $939 million. The adjusted earnings per share (EPS) rose to $0.16, up 78% from the previous year, surpassing analysts’ estimates of $0.14. Notably, the U.S. commercial segment saw a revenue surge of 93% year-over-year to $306 million, with a customer count increase of 64%.
The company’s remaining performance obligation (RPO), which indicates future revenue, increased by 77% to $2.42 billion. This growth comes amid rising data center spending for AI, which Nvidia CEO Jensen Huang predicts will reach over $1 trillion by 2028. Nvidia holds a dominant 92% share in the data center GPU market and has seen stock surges of 1,120% since early 2023.
