The software platform reported $1.18 billion in earnings for the third quarter, which narrowly beat analysts’ forecasts. Despite the earnings announcement and a quarter-four outlook that also beat Wall Street forecasts, Palantir shares fell 7.95% on Tuesday, erasing an initial 7% spike following the report. Analysts shared concerns that the tech giant’s performance and guidance don’t justify its valuation.

But what a valuation, though. Despite Tuesday’s sell-off, Palantir shares are up a whopping 154% year-to-date. Karp attributes the continued growth of his company to a strong allyship with the U.S. government and a business that supports “the American worker that we helped make rich.”

Palantir “was really the first company to be completely anti-woke,” Karp told investors on the earnings call after market close on Monday. The tech giant has cozied up to President Donald Trump’s administration, sending its CTO Shyam Sankar to the White House dinner that hosted Silicon Valley tech leaders in September. In an earnings call last year, Karp said wokeness was a “central risk” to Palantir, the U.S., and the world, and labeled it “a regressive way of thinking that is corrupting and corroding our institutions.”

Karp previously was a major donor to former president Joe Biden and Kamala Harris’ 2024 presidential campaign. He also said last year that when Peter Thiel, one of Karp’s fellow cofounders of Palantir, supported Trump, it made it harder for the company to get things done.

In July of last year, Karp said that he was “not thrilled” with the direction of the Democratic Party, but that he would be “voting against Trump.”

Still, he said wokeness is “actually a form of a thin pagan religion,” on the May 2024 earnings call.

In sharp contrast, on Monday Karp described his efforts to keep his company as “cultus”— a system of religious worship— and “unique” as it was when it started over 20 years ago. One such way is to continue to support “making the American warfighter fight the way the American warfighter is born to fight,” he said, without explaining what he meant by that.

Almost half of Palantir’s success comes from U.S. government revenue, which is up 52% from last year and 14% from the second quarter at $486 million. Demand for its AI-driven platforms and deeper margins through improved operating leverage despite heavy investment in research and hiring have also contributed to its robust sales.

Palantir has been criticized by right-wing influencers such as Candace Owens and Nick Fuentes, as well as democratic lawmakers for its secretive contracts with the government, which have expanded under Trump.

But despite much-publicized ethical concerns over the business being a major U.S. defense contractor and about the tech company’s access to Americans’ personal data, CEO Karp says he just doesn’t understand why the work his company does draws so much negative attention. The Peter Thiel-backed firm has a name taken from Lord of the Rings, like at least two other Thiel-associated companies. A “palantir” was a penetrating and all-seeing sort of crystal ball in those books, either an inspiring or ominous namesake, depending on one’s perspective.

“We’re on the front line of all adversaries, including vis-à-vis China. And we support—we’re at ICE and we’ve supported Israel,” Karp said on the earnings call on Monday. “I don’t know why this is all controversial, but many people find that controversial.”

Last January, Palantir inked a strategic partnership with Israel’s Ministry of Defense to supply data analytics and AI technology for the country’s ongoing military operations, including the war in Gaza. This support has drawn criticism and calls for investigations into whether Palantir’s tools are being used in ways that may violate international law in conflict zones.​

The tech company also was awarded a $30 million contract in April to build “ImmigrationOS,” a software that provides near real-time data on people self-deporting. 

Palantir contracts with a number of U.S. government agencies including the Department of Defense, the U.S. Army, the Department of Homeland Security, the FBI, the CIA, Immigration and Customs Enforcement (ICE), and the Centers for Disease Control and Prevention (CDC). In the first three quarters of 2025, it received almost $1.3 billion in revenue from the government, according to company financial disclosures.

Palantir did not immediately respond to Fortune’s request for comment, but Karp told investors Monday that he thinks they are “fighting for the right side of what should work in this country: meritocracy, lethal technology, vis-à-vis adversaries,” and products that spread GDP to the working class.

He’s previously called AI an “agency enhancing revolution” that has helped some Americans without a college education create greater value using Palantir’s products than users with degrees in higher education. Karp says Palantir’s value to the working class American is twofold, though, and that investors in the tech company also come out ahead. 

“It was the American worker that we supported and the American worker that we helped make rich,” Karp said on Monday’s earnings call.

Karp had a different outlook on the reported earnings.

“Get some popcorn,” Karp told investors on the call. “They’re crying,” he said of those that haven’t invested in the company.

MBW’s Music Business UK Awards took place in Covent Garden this evening (November 4), celebrating the very best that the UK music business has to offer.

The first major honor of the night went to Jody Gerson, Chairman and CEO of Universal Music Publishing Group (UMPG), who received the International Executive of the Year award.

The night’s International Executive award recognized a non-British company leader who has substantially furthered the prominence and success of UK and Irish music over the previous 12 months.

Gerson was chosen as the winner by a panel of senior talent managers who subscribe to Music Business Worldwide‘s MBW+ tier.

Addressing a sold-out ballroom at the De Vere Grand Connaught Rooms, Gerson paid tribute to the British and Irish musicians who “shaped” her “earliest memories” from The Beatles to Petula Clark, The Hollies, The Rolling Stones and others. She also gave a shout-out to Bob Geldof for his work on Live Aid, which Gerson said demonstrated “the true unifying power of music”.

“British and Irish songwriters form so much of UMPG’s foundation—iconic songwriters and artists like Elton John and Bernie Taupin, The Clash, Mark Knopfler, The Cure, Joy Division and New Order, Andrew Lloyd Webber, Annie Lennox, the Bee Gees and many more,” said Gerson.

Gerson also acknowledged former UMPG UK MD Mike McCormack, his successor, David Gray, as well as the wider UMPG UK team.

“I want every British and Irish songwriter to hear this: I am on your side. I wake up every day with one overriding mission—to PROTECT HUMAN SONGWRITERS. On that, I will never waver.”

Jody Gerson

Elsewhere in her speech, UMPG’s boss took the opportunity to address the challenges faced by songwriters amid the rapid rise of AI, noting that “the work of a music publisher is a constant fight to ensure that songs are valued and that songwriters are properly compensated”.

Added Gerson: “I want every British and Irish songwriter to hear this: I am on your side. I wake up every day with one overriding mission—to protect human songwriters. On that, I will never waver.”

You can read an abridged version of Gerson’s full speech below:

Thank you, Tim—and thank you to the panel of artist and songwriter managers for choosing me to receive this honor.

My love for British and Irish music began the first time I heard The Beatles. Admittedly, it started as a schoolgirl crush. I vividly remember being in the first grade, announcing to all my friends that I would marry Paul McCartney.

But soon, the songs of The Beatles would enter my SOUL. And, they never left.

As some of you know, I grew up in the nightclub business, sitting ringside as a little girl, watching some of the greatest entertainers of our time.

I thought of two of them when I learned I’d be receiving this award—Tom Jones and Engelbert Humperdinck. Both performed at the night club in the early 1970s. I remember both wore tuxedos and had really long sideburns.

At the time, I was too young to understand why women were throwing their “knickers”— Isn’t that what you call it?-onstage during Tom’s performance. And I really thought it odd that he would use them to wipe his brow and then throw the sweaty garments back into the audience. “Ewwwwww,” thought young Jody Gerson.

I remember the first time I watched To Sir With Love. I still get emotional hearing Lulu sing, “Those schoolgirl days of telling tales and biting nails are gone…” What a lyric, what a song.

British music shaped my earliest memories: The Beatles’ “I Want to Hold Your Hand,” Petula Clark’s “Downtown,” The Hollies’ “Bus Stop,” The Stones’ “Satisfaction.” Then in the 70s: The Bee Gees, Elton John, Queen, Eric Clapton, Traffic. In the 80s: U2, Pet Shop Boys, The Clash, The Police, Eurythmics, Wham!

The music you fall in love with in your formative years stays with you forever, and so much of mine came from your side of the Atlantic.

I recently watched the documentary on Live Aid and was reminded of Bob Geldof’s passion for doing the right thing—and how that day showed the true UNIFYING power of music. I have the UTMOST admiration for Bob and all the British and Irish artists who participated in that historic event—truly the single greatest thing the music industry ever did for the world.

British and Irish songwriters form so much of UMPG’s foundation—iconic songwriters and artists like Elton John and Bernie Taupin, The Clash, Mark Knopfler, The Cure, Joy Division and New Order, Andrew Lloyd Webber, Annie Lennox, the Bee Gees and many more.

As a matter of fact, when I first joined UMPG, the most successful artists on the global roster were signed out of our UK office: Adele, Mumford and Sons, Coldplay, Kid Harpoon and Florence Welch.

Though all of their deals were up when I joined the company, and I am proud to say all of them are STILL signed to us!

When Mike McCormack decided to step down from his MD role, leading our UK office with such distinction, I knew we needed someone who could honor his legacy and also accelerate it. There was only one person who could fill Mike’s shoes—and yes, he was… AMERICAN.

Listen, I had to hear about Cricket from Mike for YEARS. I think you can handle some American football.

Truly, you cannot have a better advocate than David Gray, whose deep love and understanding of British and Irish music is unbounded. But if he starts to adopt a British accent—please tell me. That is just NOT OK.

Thank you, David—and thank you to our incredible UK team members here tonight: Rob Morris, Tom Foster, and our VERY deserving nominees, Pete Simmons, Maddy Gardiner, and Colette Goodfellow.

My gratitude also extends to two extraordinary London-based leaders: Tash Baldwin, who runs Global Classics, Jazz & Screen, and Jane Carter, who heads Production Music.

At UMPG, we will continue to sign British and Irish songwriters locally—and support them GLOBALLY.

The work of a music publisher is a constant fight to ensure that songs are valued and that songwriters are properly compensated—whether in streaming, on emerging digital platforms, or especially now with the rise of AI.

AI is evolving at warp speed. It’s important that we remain open to the possibilities that new technologies present—and channel them toward meaningful, creative innovation.

At the same time, AI can and should support the work of writers and publishers: helping us collect more efficiently, track infringement more accurately, and safeguard the rights of the talented people who create the music we love.

But I want every British and Irish songwriter to hear this: I am on your side. I wake up every day with one overriding mission—to PROTECT HUMAN SONGWRITERS. On that, I will never waver.

I am deeply grateful for this honor. I AM in service to British and Irish music—and I always will be.

Thank you.Music Business Worldwide

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