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AI platform Palantir Technologies Inc. (NASDAQ:PLTR) posted strong third-quarter results, with the company’s CEO, Alex Karp, lauding its performance across several key metrics.
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During the third-quarter earnings call on Monday, Karp described the company's performance as unprecedented, saying that it went far beyond what would normally be considered strong results, calling them “arguably the best results that any software company has ever delivered.”
Karp pointed to the company’s “Rule of 40” score, a key benchmark used for evaluating SaaS companies, which essentially involves adding the annual revenue growth to profit margins.
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A score of 40 and above is considered healthy for SaaS companies, while Palantir scored nearly triple this figure, at an “unprecedented 114,” with its revenues surging 63% year-over-year, and its profit margins at 51%.
“A normal enterprise company should not have a Rule of 40 above 100,” he said, underscoring the rarity of that level of simultaneous growth and profitability.
Karp took a swipe at analysts skeptical of Palantir's valuation and long-term prospects. "They're wrong at every single round, but of course, they're persuasive, and they're not investing their own money," he said.
The company released its third-quarter results on Monday, reporting $1.18 billion in revenue, up 63% year-over-year, and beating consensus estimates of $1.09 billion. It reported a profit of $0.21 per share, which was ahead of analyst estimates at $0.17, according to Benzinga Pro.
Palantir shares were up 3.35% on Monday, closing at $207.18, before dropping 5.21% in overnight trade, following its earnings announcement.
The stock scores high on Momentum and Growth in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock, its peers and competitors.
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Posted In: PLTR
