Alex Karp reports Palantir's 'otherworldly' second-quarter earnings as stock prices surge
Palantir CEO Alex Karp reported that the company achieved 'otherworldly' second-quarter results, driving a significant surge in stock prices on Tuesday. The company reported a 93% growth in overall revenue to $1.94 billion, exceeding analyst expectations of $1.8 billion. Commercial revenue jumped 149% to $764 million, while government revenue grew 90% to $809 million. Karp noted that the sovereign AI revolution is driving optimism for the future, as organizations seek to keep their data private from major AI labs. The company raised its full-year revenue guidance to $8.16 billion. Additionally, Palantir's adjusted free cash flow reached $1.22 billion, topping estimates of $1.0 billion. Despite a 29% decline in stock price year-to-date, Wall Street remains bullish. Analysts at Citi and D.A. Davidson noted Palantir's advantage in orchestration tools and its position as a clear beneficiary of enterprise AI adoption.