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We are no strangers to Palantir ’s story, saying as far back as September 2020 prior to Palantir ’s public offering that the “” stemming from strong growth in its US commercial segment, driven by AIP, Palantir ’s Artificial Intelligence Platform that lets customers lever Palantir ’s AI and ML tools and harness the power of the latest large language models within Foundry and Gotham.
This means that the commercial segment, driven by US commercial, once again dominated net new adds in the quarter. US commercial contributed 41 of Palantir’s 57 net new additions, or ~72%, compared to more than 90% of net new adds last quarter; the entire segment still contributed more than 90% of net new adds with international growth.
In addition, Palantir said that it is “seeing substantial deal cycle compression. As one example, a leading utility company signed a seven-figure deal just five days after completing a bootcamp. Another customer immediately signed a paid engagement after just one day of their multi-day bootcamp and then converted to a seven-figure deal three weeks later.
Palantir reported $634 million in revenue in Q1, and guided fiscal Q2 revenue between $649 million to $653 million, an increase of 22.1% YoY at midpoint. For FY24, management guided revenue of $2.677 billion to $2.689 billion, up 20.6% YoY, with US commercial revenue of $665 million, for at least 45% YoY growth.
Other ‘best-of-breed’ software stocks trade at lower multiples, despite having stronger top-line growth rates than Palantir – CrowdStrike has pulled back to below 21x sales after hovering at 24x. Snowflake and Cloudflare trade at 12.9x and 16.3x forward sales, respectively. Since the start of 2023, best-of-breed software has repeatedly struggled to achieve or maintain a valuation above 24x sales, with most rerating back to the 16x level.
Palantir PLTR PLTR Stock Palantir AIP Palantir AI Artificial Intelligence AI Stocks Tech Stock Investing PLTR AI
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