In the third quarter, Palantir Technologies reported revenue of $1.10 billion, representing 63% year-over-year growth. The company expanded its customer base by 45% to 323 clients and increased average spending per existing customer by 34%. Non-GAAP net income rose 110% to $0.21 per diluted share, marking the ninth consecutive quarter of accelerating top-line growth and improved profitability.

During Q3, Millennium Management reduced its holding in Palantir by selling 4.5 million shares, according to its latest 13F filing. This divestiture came as Palantir’s stock traded near its year-high levels, even as the company continued to deliver strong contract renewals and new government engagements.

Analysts project Palantir will deliver 62% sales growth and 64.1% earnings growth in its upcoming quarterly report, driven by an influx of new AI implementation projects and ongoing government contracts. The firm’s track record of beating consensus estimates in seven of the last eight quarters underpins expectations for another positive surprise and supports a bullish medium-term outlook.