Palantir Tech reports 48% sales incease in 2Q

Prime contracts: Karp at a forum in Washington. The Palantir Tech co-founder and CEO says AI breakthroughs is helping to fuel the company’s growth, pointing to the development of large language models and the chips required to power them. — AFP

NEW YORK: Palantir Technologies Inc reported a 48% increase in revenue for the second quarter to more than US$1bil, citing the “astonishing impact” of artificial intelligence (AI) technology on its business.

The data software company also raised its revenue outlook for the full year to a range of US$4.14bil to US$4.15bil, exceeding analysts’ prior expectation of US$3.91bil.