Despite Palantir Technologies surpassing Wall Street’s expectations for revenue, non-GAAP profit, and operating income in Q3, the market responded negatively, with shares declining notably post-earnings. Management attributed the quarter’s strong results to rapid expansion in the U.S. commercial segment, especially as more enterprise clients accelerated adoption of the AIP (Artificial Intelligence Platform). CEO Alex Karp and Chief Revenue Officer Ryan Taylor noted a significant increase in large, organization-wide deals, highlighting the urgency among customers to transform operationally with AI. Taylor emphasized that “customers are converting to larger enterprise agreements in short time frames,” reflecting a shift toward broader AI deployments across entire businesses.

Is now the time to buy PLTR? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Palantir Technologies’s Q3 Earnings Call

• Daniel Ives (Wedbush): Asked about the acceleration in sales cycles and what surprised management about customers moving from initial contact to large-scale deals. Chief Revenue Officer Ryan Taylor responded that customers are now proactively seeking company-wide AI deployments, often shifting from pilot projects to full-scale rollouts within months.
• Mariana Perez Mora (Bank of America): Inquired about behavioral changes among customers and internal adjustments to meet demand. CEO Alex Karp and CTO Shyam Sankar explained that clients are increasingly motivated by seeing tangible results in peer organizations, and that Palantir has doubled down on its unique internal focus to ensure product fit and rapid delivery.
• Mariana Perez Mora (Bank of America): Also asked about future government opportunities such as Golden Dome. Sankar mentioned ongoing large-scale government initiatives, stating that while specifics cannot be disclosed, the company is active in key defense and infrastructure projects, especially as the U.S. faces multiple global conflicts.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will be watching (1) the pace at which new and existing enterprise customers expand AIP deployments beyond pilot projects, (2) whether internal productivity gains can continue to offset headcount growth and support margin expansion, and (3) further mandates or large-scale contracts from U.S. government agencies adopting Palantir platforms. Progress in international markets and additional product innovations may also influence performance.

Palantir Technologies currently trades at $180.20, down from $207.47 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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