Palantir Hikes Sales Forecasts After Record Stock Run-Up

Palantir Technologies raised its annual revenue outlook to $4.4 billion and outpaced analyst estimates for third-quarter sales, citing “accelerating and otherworldly” growth for its artificial intelligence and data analytics products. Investors had high expectations for the company and had sent shares up more than 150% thus far this year. The stock was priced at 85-times sales expected over the next 12 months, as of Friday, making it by far the most expensive in the S&P 500 Index. Revenue increased 63% to $1.18 billion in the period ended in September, the company said Monday in a statement. Analysts, on average, estimated $1.09 billion. In the current quarter, sales will be about $1.33 billion, compared with an average projection of $1.19 billion. Bloomberg Businessweek Senior Reporter Max Chafkin joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec. (Source: Bloomberg)