Palantir CEO Alex Karp laughs off haters after robust earnings report

On By Littum

  • Palantir’s third-quarter earnings beat Wall Street expectations.
  • CEO Alex Karp said the revenue growth was driven by AI demand in the US.
  • Karp also called out critics who might have been skeptical of him.

Palantir CEO Alex Karp took a victory lap on Monday when the company reported big third-quarter earnings.

The secretive data analytics and software company beat Wall Street expectations for revenue and earnings per share. share, sending the stock up more than 13% in after-hours trading. US revenue grew 44% year over year.

“We absolutely gutted this quarter, driven by relentless AI demand that won’t slow down,” Karp, who co-founded Palantir in 2003, said in an earnings release. “This is an American-driven AI revolution that has taken hold. The world will be divided between AI haves and have-nots. At Palantir, we plan to empower the winners.”

On an earnings call that followed the report, Karp said the company’s growth was largely due to increasing AI demand from its US government and commercial customers. The company provides AI tools to the US military and other US allies.

“Given how strong our results are, I almost feel like we should just go home,” he said at the start of his remarks, adding that the company had previously been met with some skepticism.

Karp also called out critics who were unsure about him specifically, saying on the call, “Instead of walking into every meeting and saying, ‘Oh, yeah, Palantir is great, but their fearless leader is crazy and he can go to his municipality in New Hampshire, “whatever we say, it’s now, yes, the products are the best and we have great products.”

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Karp has served as CEO of Palantir since 2004. He has earned a reputation as an eccentric leader in Silicon Valley and is known as a wellness fanatic who works out of a barn in New Hampshire.

In a letter to shareholders that accompanied the earnings report, Karp said the U.S. market remained the core of Palantir’s business.

“This is where we’ve seen institutions respond most quickly to the promise of artificial intelligence, as businesses and government agencies race to deploy the technical infrastructure needed to unleash the power of language models across their proprietary and most valuable data sets, he said. .

The CEO added that Europe was being “left behind” in AI innovation and needed to adapt or “risk destruction.”