Palantir Posts Record Profit on AI Growth, Sees Strong 2023 Ahead
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Palantir reported record quarterly profit and expects strong growth in 2023 revenue and profitability.
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Demand for Palantir's new AI offerings is driving growth. The company debuted its Artificial Intelligence Platform this year.
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Palantir is converting potential customers to paying subscribers faster using "bootcamps" instead of traditional pilot programs.
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Palantir's commercial revenue grew 23% year-over-year, outpacing 12% growth in government revenue.
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Palantir ended the quarter with $3.3 billion in cash and investments and its stock surged 23% on the results.