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InvestmentsData analytics firm Palantir reports 36% jump in quarterly revenue By Reuters

Data analytics firm Palantir reports 36% jump in quarterly revenue By Reuters


© Reuters. FILE PHOTO: The emblem of U.S. software program firm Palantir Technologies is seen in Davos, Switzerland January 22, 2020. REUTERS/Arnd Wiegmann/File Photo

(Reuters) – U.S. information analytics firm Palantir Technologies (NYSE:) reported a 36% rise in third-quarter revenue on Tuesday because it landed extra authorities contracts and industrial offers.

Shares of the corporate, backed by tech billionaire Peter Thiel, rose 1.5% to 27.14 in premarket buying and selling.

Palantir, which supplies its software program to the United States and “its allies,” is understood for its work with the U.S. authorities businesses just like the Central Intelligence Agency. Its two software program platforms, Gotham and Foundry, permit authorities our bodies, corporations and non-profit organizations to combine and analyze sophisticated information.

Palantir has had a gentle movement of offers from the general public sector, together with one with the U.S. military to deploy its software program to assist in protection decision-making in addition to a unbroken contract with the U.S. National Institutes of Health to assist COVID-19 analysis through the present quarter.

Palantir stated it added 34 web new clients in the third quarter.

Net loss narrowed to $102.1 million, or 5 cents per share, from $853.3 million or 94 cents per share a yr earlier.

Revenue rose to $392.2 million in the quarter ended Sept. 30 from $289.4 million a yr earlier. Analysts on common had anticipated a revenue of $385 million, in response to IBES information from Refinitiv.

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