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Palantir Technologies Inc. (NASDAQ:PLTR) shares traded lower on Tuesday even as the company posted strong quarterly results and announced a new strategic expansion in the Middle East. On Monday, Palantir reported third-quarter revenue of $1.18 billion, topping analyst estimates of $1.09 billion. Adjusted earnings came in at 21 cents per share, above the expected 17 cents. Total revenue increased by 63% year over year, driven by a 77% growth in the U.S. market. Also Read: Palantir Technologies Analysts Raise Their Forecasts After Upbeat Q3 Earnings The AI software maker expects fourth-quarter revenue to be between $1.327 billion and $1.331 billion and has lifted its full-year forecast to as high as $4.4 billion, signaling continued business momentum. Analyst Ratings Bank Of America Securities analyst Mariana Perez Mora maintains a Buy rating on the stock, raising the price forecast from $215 to $255. Mizuho analyst Matthew Broome maintains a Neutral rating, raising the price forecast from $165 to $205. Piper Sandler analyst Clarke Jeffries maintains an Overweight rating, raising the price forecast from $201 to $225. AI Expansion In Dubai Separately, Palantir deepened its footprint in the Middle East through a new artificial intelligence venture in Dubai. The company and Dubai Holding have launched Aither, Palantir’s first joint venture in the U.A.E, after more than 18 months of collaboration. The initiative aims to advance AI-driven transformation across Dubai’s public and private sectors. The agreement was signed on Oct. 31 in Dubai in the presence of Sheikh Ahmed bin Saeed Al Maktoum and Mohamed bin Hadi Al Hussaini. Leaders, including Amit Kaushal, Group CEO of Dubai Holding, and Noam Perski, Executive Vice President at Palantir, formalized the partnership. Aither combines Palantir’s AI and data integration technology with Dubai Holding’s operational expertise to support the Dubai Economic Agenda (D33), which targets AED100 billion ($27.23 billion) in annual digital revenue. The venture aims to strengthen the U.A.E.’s leadership in secure, high-impact AI applications across government and industry. “We are proud to partner with Dubai Holding to deploy Palantir’s world-class AI capabilities and further bolster Dubai’s position as a global innovation hub,” said Palantir CEO Alex Karp. According to Benzinga Pro, PLTR stock has gained over 361% in the past year. Investors can gain exposure to the stock via GraniteShares 2x Long PLTR Daily ETF (PTIR). PLTR Price Action: Palantir Technologies shares were down 7.20% at $192.26 at the time of publication on Tuesday. The stock is approaching its 52-week high of $207.52, according to Benzinga Pro data. Read Next: Palantir Execs Reveal What Truly Sets Company Apart In AI Race: ‘We Build Software That Works, Not Software That Ought To Work’ Image via Shutterstock
