Palantir Corporation (PLTR) earnings for the third quarter of 2022

shares Blantyre The company fell more than 10% Monday after Third quarter earnings released That missed analyst estimates of earnings but outperformed revenue.

Here’s how the company did:

• EPS: $0.01, adjusted, versus the $0.02 analysts had expected, according to Refinitiv.
• he won: $478 million For the $470 million that analysts had expected, according to Refinitiv.

Palantir’s revenue for the quarter increased 22% year over year, and its US business revenue grew 53%. The software company, known for its work with the government, said the number of commercial customers in the United States increased 124% year-on-year, from 59 to 132.

in Message to shareholdersAlex Karp, Palantir’s CEO, said the company is in the “early stages of a major transformation.”

Karp said Palantir expects regional markets within the United States, such as the Midwest, Southeast, Texas and New England, to develop into a multi-billion dollar business. However, Karp said countries in continental Europe were less willing to introduce “software systems that challenge current habits.”

“We found that large organizations in the United States were more willing to investigate the most significant sources of systemic dysfunction within their organizations, which at present often relate to the ability or rather the inability of the organization to metabolize its own data,” he said.

Palantir said it expects to generate between $503 and $505 million in revenue during the fourth quarter, on par with analyst estimates of $503 million according to StreetAccount.

“We are building the digital infrastructure that makes continued industrial progress in late capitalism possible,” Karp said in the letter. “Metaviral and other individual pursuits of the technocratic elite may be luxury goods. But foundational data platforms are not.”