Data analytics software maker Palantir Technologies has raised its annual revenue forecast and announced a share buyback of up to $1 billion due to the 'unprecedented demand' for its artificial intelligence platform.
The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland January 22, 2020. REUTERS/Arnd Wiegmann/File Photoraised its annual revenue forecast on Monday and said it would buy back shares worth up to $1 billion as the data analytics software maker enjoys "unprecedented demand" for its artificial intelligence platform.
In a letter to shareholders, CEO Alexander Karp said the platform has users across over 100 organizations, including from automotive and healthcare industries, and that Palantir was in talks with more than 300 additional companies. Palantir is ramping up its AI platform and hiring "a new class of technical talent", which would push up its expenses in the third quarter, Chief Financial Officer David Glazer said in a interview.
Revenue from U.S. commercial customers jumped 20% in the second quarter ended June 30. Excluding the impact on revenue from strategic investments in special purpose acquisition companies , it grew 37%, Glazer said.Demand in Europe was muted due to macroeconomic uncertainty, he added.
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