U.S. data analytics firm Palantir Technologies reported a 36% rise in third-quarter revenue on Tuesday as it landed more government contracts and commercial deals. Shares of the company, backed by tech billionaire Peter Thiel, rose 1.5% to 27.14 in premarket trading.
Palantir, which provides its software to the United States and "its allies," is known for its work with the U.S. government agencies like the Central Intelligence Agency. Its two software platforms, Gotham and Foundry, allow government bodies, companies and non-profit organizations to integrate and analyze complicated data.
Palantir has had a steady flow of deals from the public sector, including one with the U.S. army to deploy its software to help in defense decision-making as well as a continuing contract with the U.S. National Institutes of Health to support COVID-19 research during the current quarter.
Palantir said it added 34 net new customers in the third quarter. Net loss narrowed to $102.1 million, or 5 cents per share, from $853.3 million or 94 cents per share a year earlier.
Revenue rose to $392.2 million in the quarter ended Sept. 30 from $289.4 million a year earlier. Analysts on average had expected a revenue of $385 million, according to IBES data from Refinitiv.
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