Palantir Technologies raised its annual revenue forecast for the second time this year on Monday, the latest sign that the generative AI boom is driving demand for its software services.
Alex Karp, CEO of Palantir Technologies poses beside the company's logo ahead of an interview with Reuters in the Alpine resort of Davos, Switzerland May 23, 2022. Picture taken May 23, 2022.raised its annual revenue forecast for the second time this year on Monday, the latest sign that the generative AI boom is driving demand for its software services.
The company co-founded by billionaire Peter Thiel now expects annual revenue between $2.74 billion and $2.75 billion, compared with $2.68 billion to $2.69 billion expected earlier. The forecast is above the estimate of $2.70 billion, according to LSEG data. Chief Revenue Officer Ryan Taylor told Reuters Palantir was driving growth by helping companies overcome "the huge bottleneck" between AI application prototypes and finished products that could be deployed to customers.
The company forecast third-quarter revenue between $697 million and $701 million, compared to analysts' average estimate of $679.1 million, according to LSEG data.
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