Palantir Posts Record Profit on AI Growth, Sees Strong 2023 Ahead

Palantir reported record quarterly profit and expects strong growth in 2023 revenue and profitability.

Demand for Palantir's new AI offerings is driving growth. The company debuted its Artificial Intelligence Platform this year.

Palantir is converting potential customers to paying subscribers faster using "bootcamps" instead of traditional pilot programs.

Palantir's commercial revenue grew 23% year-over-year, outpacing 12% growth in government revenue.

Palantir ended the quarter with $3.3 billion in cash and investments and its stock surged 23% on the results.