Palantir Technologies Inc. (NYSE:PLTR) is scheduled to unveil its third-quarter 2023 financial results on November 2, before the markets open. Market analysts are looking forward to a substantial year-over-year improvement in the company’s top-line figures for the upcoming quarter, primarily driven by robust business activities from both existing and new customers. This trend is expected to fortify Palantir’s presence in both the Government and Commercial segments. The current Zacks Consensus Estimate for total revenues is set at $555 million, reflecting a robust 16.1% growth compared to the year-ago quarter.
In terms of specific segments, the consensus estimate for Government revenues stands at $317 million, signifying a remarkable 15.7% year-over-year growth. Palantir’s expanding collaboration with the U.K. government is likely to be a key driver behind the Government segment’s strong performance during the quarter.
Likewise, for the Commercial segment, the consensus estimate is $317 million, marking an impressive 16.2% year-over-year growth. This growth is expected to be fueled by contributions from both new and existing customers and their expanding business operations. Palantir’s commercial division has been quick to respond to a growing customer base, with events like AIPCon and direct customer referrals playing a pivotal role in expanding its network. The company has also been successful in extending its reach across multiple industries.
As the earnings report approaches, investors will be keen to see if Palantir’s anticipated surge in top-line performance translates into improved earnings for the third quarter, bolstered by the strength of its Government and Commercial segments.
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