盘后跌超4%！Palantir三季度营收同比增63%，连续九个季度超盈利预期，投资者担忧股价脱离基本面

Core Viewpoint - Palantir's third-quarter revenue reached $1.18 billion, a year-on-year increase of 63%, significantly exceeding analyst expectations of $1.09 billion, and the company raised its full-year revenue guidance to $4.4 billion from a previous range of $4.14-$4.15 billion, marking the third upward revision this year [1][3] Financial Performance - The company reported a net profit of $475.6 million for the third quarter, more than doubling year-on-year [3] - Adjusted earnings per share were $0.21, surpassing the expected $0.17 [3] - Free cash flow expectations were raised to $1.9-$2.1 billion [3] - Fourth-quarter revenue guidance is set at $1.33 billion, well above the market expectation of $1.19 billion [3] Business Segments - Revenue from U.S. commercial customers surged 121% to $397 million, with total contract value increasing over threefold to $1.31 billion [4][7] - The number of U.S. commercial customers reached 530, with new partnerships established with Nvidia, Snowflake, and Lumen [5] - U.S. government business revenue grew 52% to $486 million, slightly exceeding expectations [6][10] Market Position and Valuation - Palantir's stock has seen a cumulative increase of over 170% this year, with a market capitalization of $490 billion, and a forward P/E ratio of 246.2, significantly higher than Nvidia's 33.3 [6][13] - Despite strong quarterly performance, there are concerns regarding the sustainability of its high valuation, with analysts questioning the disconnect between stock price and fundamental performance [6][13] Growth Drivers - The U.S. commercial business is becoming a new growth engine for the company, breaking the stereotype of over-reliance on government contracts [8] - The AI application platform is identified as the core driver of this growth, with Palantir expanding its data analytics capabilities into generative AI solutions across various sectors [8] Government Business - The government business remains a stable foundation for Palantir, with significant contracts recently awarded, including a $1 billion contract with the IRS and a $4 billion contract with the U.S. government [10][11] - The company is attempting to expand its government business globally, leveraging geopolitical tensions to secure new contracts in Europe and other regions [12]