Palantir talked a lot about AI, including comments about "unprecedented demand." But reported numbers were underwealming, with most leading indicators not signaling a growth inflection.
Total revenue was just in-line (+13% y/y), albeit towards the high end of the guidance, with largely unchanged full year revenue targets.
Customer addition momentum remained steady, though underlying commercial growth slowed vs. Q1.
may have some success commercializing GenAI-related offerings across their small but deep list of customers, given the deep domain knowledge, I still think packaging/monetization motion remains in its early days.
Shares are up 165% YTD and is trading at 17x EV/Sales, especially with stronger growth / clearer AI tailwinds than peers.
Citi's estimates slightly nudged up on better profitibility, but they reiterated a Sell / High-Risk Rating and $10 price target.