Palantir's Revenue Jumps 96% to $2.3 Billion, Its Fastest Growth Ever

Palantir Technologies said on Monday that third-quarter revenue rose 96% year over year to $2.3 billion, crossing $2 billion in a quarter for the first time, Fortune reports. Chief financial officer David Glazer called it the "highest-ever" year-over-year growth rate, along with a record 20% sequential increase. Palantir raised its full-year revenue forecast to between $8.53 billion and $8.534 billion, roughly 91% growth, from as high as $8.2 billion a quarter ago. Adjusted and GAAP earnings were 44 cents a share, against 21 and 18 cents a year earlier; analysts had expected $2.18 billion in revenue and 41 cents. Investors were not immediately won over: shares rose about 1.5% after hours, then fell 3.6%. In his letter to investors, CEO Alex Karp wrote that "it would be an understatement" to call the quarter's results extraordinary.