Palantir Technologies Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $725.5 million for the third quarter, marking a 30% increase from $558.2 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $2.0 billion, a 26% rise from $1.6 billion year-over-year. The government segment contributed $408.3 million, up 33%, while the commercial segment saw revenue increase to $317.2 million, a 27% rise.
Gross profit for the third quarter was $578.9 million, reflecting a gross margin of 80%, slightly down from 81% in the previous year. For the nine-month period, gross profit was $1.6 billion, with a gross margin of 81%, up from 80% in 2023. Income from operations for Q3 2024 was $113.1 million, compared to $40.0 million in Q3 2023, while for the nine months, it rose to $299.4 million from $54.2 million.
Net income for the third quarter was $149.3 million, significantly higher than $73.4 million in the same quarter of 2023. For the nine months, net income totaled $391.0 million, compared to $120.5 million in the prior year. Net income attributable to common stockholders for Q3 2024 was $143.5 million, up from $71.5 million in Q3 2023.
Palantir's total assets increased to $5.8 billion as of September 30, 2024, up from $4.5 billion at the end of 2023. Total stockholders’ equity also rose to $4.5 billion from $3.5 billion. The company reported cash and cash equivalents of $768.7 million, a decrease from $831.0 million at the end of 2023, while marketable securities increased to $3.8 billion from $2.8 billion.
Strategically, Palantir has been expanding its customer base, with the number of customers increasing to 629 from 453 year-over-year. The company has also initiated a stock repurchase program, authorizing up to $1.0 billion for Class A common stock, with approximately $954.4 million remaining for future repurchases as of September 30, 2024.
Operating expenses as a percentage of revenue decreased to 64% for Q3 2024, down from 74% in the same period last year, indicating improved operational efficiency. The company continues to face macroeconomic challenges, including geopolitical tensions and inflation, which may impact future performance. However, it remains focused on expanding its reach among both commercial and government customers.
About Palantir Technologies Inc.
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