Palantir beat Wall Street's third-quarter estimates after the bell on Monday, with U.S. commercial revenue topping government for the first time as businesses adopt more of the company's artificial intelligence tools.
Revenue nearly doubled from a year ago and blew past $2 billion for the first time ever, Palantir said. Net income more than doubled to $1.13 billion, or 44 cents per share, from about $476 million, or 18 cents per share.
"I don't believe anyone's had consistent results like this in the history of software AI, ever," CEO Alex Karp told CNBC's Seema Mody in an interview, adding that the business is succeeding without salespeople.
Palantir has long been known for its strength in the government sector, but its commercial segment caught up in Q3.
U.S. commercial revenue jumped 148% to $984 million, surpassing U.S. government revenue of $953 million, which was up 96%. The company's U.S. commercial revenue has more than quintupled over the last two years.