Shares of Palantir, the seventeen-year-old software maker based on Denver that supplies tools to defense and security agencies, declined slightly in late trading on Thursday despite the company reporting Q3 revenue and profit[1] that topped expectations, and raising its year revenue outlook, citing a boost from global uncertainty.
"The demand for our software has increased steadily over the past year in the face of significant economic and geopolitical uncertainty in the United States and abroad," said Palantir in a prepared statement.
The company said its "work with healthcare organizations across the federal government has accelerated this year, and we continue to expand our reach with the nation's defense and intelligence agencies, including the U.S. Army, Navy, and Air Force."
Palantir cited in particle the use of its software in the U.S.'s COVID-19 response. The National COVID Cohort Collaborative (N3C), run by the U.S. National Institutes of Health, used the company's software "to integrate clinical data from more than one million patients in the United States in a matter of weeks."
Revenue in the three months ended in September rose 52%, year over year, to $289 million, yielding EPS of 8 cents a share.
Analysts had been modeling $279 million and 3 cents per share.
Sales from each customer are increasing, the company noted, on average.