(Reuters) -Tech billionaire Peter Thiel-backed firm Palantir Technologies Inc on Tuesday beat quarterly sales estimates as the U.S. data analytics firm clinched more software contracts from businesses and government organizations across the world.
Known mainly for its work with U.S. government defense and intelligence agencies, Palantir enables customers to integrate their data with its software platforms, which helps them get an analytical view of their operations.
Palantir said U.S. governmental revenue grew 83% in the first quarter from a year earlier, while revenue from commercial customers in the United States grew 72%. Its software products are used by customers across 40 industries and in more than 150 countries.
The company, which counts the U.S. Central Intelligence Agency (CIA) as a customer, went public in September through a direct listing involving share offering from existing investors, as opposed to a traditional initial public offering.
The company’s net loss widened to $123.5 million in the quarter ended March 31 from $54.3 million a year earlier.
Revenue rose 49% to $341.2 million, above estimates of $332.23 million, according to IBES data from Refinitiv.
(Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli)
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Source: https://datafloq.com/read/palantir-quarterly-revenue-beats-estimates-government-contracts/14572
