US-based big data solutions provider Palantir Technologies has more than doubled its net profit in the first quarter, with revenue beating market expectations.
According to a company press release, net income in the January-March period was $214.031 million, or 8 cents per share, compared to $105.53 million, or 4 cents per share, in the same period last year. Adjusted earnings rose to 13 cents from 8 cents per share.
Revenue rose 39% to $883.855 million from $634.338 million. Revenue in the U.S. from commercial contracts rose 71% (to $255 million) and from government contracts rose 45% (to $373 million).
Analysts polled by FactSet on average expected earnings excluding one-time factors of 13 cents per share on revenue of $862 million.
Palantir now expects revenue in the range of $3.89 billion to $3.902 billion this year, rather than $3.741 billion to $3.757 billion as previously expected. Experts had forecast $3.752bn.
The company’s stock price fell 9.3 per cent in extra trading on Monday after the publication of the statements.
Palantir was founded in 2003 by a group of investors led by well-known entrepreneur Peter Thiel, who was also at the origins of the payment service PayPal. Palantir’s data processing technologies are actively used by law enforcement agencies in the United States and other countries. According to some reports, Palantir algorithms were used to detect Osama bin Laden and to fight large terrorist networks.