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Palantir raises annual revenue forecast on strong demand from US government, commercial customers
['Jaspreet Singh', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
By Jaspreet Singh and Juby BabuAug 3 (Reuters) - Palantir Technologies on Monday raised its annual revenue forecast again, signaling strong government and commercial demand for its data analytics software, sending its shares up 14% in extended trading.
Denver-based Palantir has increasingly been marketing military-grade AI tools to businesses through its artificial intelligence platform that helps companies integrate and develop the technology.
The company, which enables government and enterprise clients to make decisions using their own data, forecast annual revenue between $8.150 billion and $8.158 billion, up from $7.650 billion to $7.662 billion earlier.
It also raised its annual forecast for U.S. commercial revenue to more than $3.424 billion, up from its previous estimate of $3.224 billion.
The company is also challenging a decision to block its two-year, £50 million ($67.15 million) contract with the London police.