Palantir dives deep into the red

The American big data analysis security specialist Palantir saw its revenue increase by 52 percent in the third quarter of its fiscal year to $ 289.4 million. It posted a quarterly loss of more than $ 853.3 million. The reason for this loss is the high costs of the IPO and more marketing and research expenditure. Palantir, which is used by many intelligence services, including Europol and the Dutch police for information-driven work, went public this summer.

This article was published on 18 November 2020 on Dutchitchannel.nl in the Netherlands.

Palantir, named after the dark crystal balls from the Lord of the Rings books, uses complex software to process large amounts of data to track down terrorists and criminals, for example. The software is used by security and police forces worldwide. The company also provides software for the financial sector to detect suspicious transactions.

Its use by immigration services in the US and health services in the UK has already been widely criticized. It is also under fire for its privacy policy. Human rights organization Amnesty International, among others, has already sounded the alarm. The Foundation for Market Information Research (SOMI) has recently started an investigation into the activities of Palantir Technologies in the EU and the impact this has on the rights of European citizens.

One of the founders of Palantir is tech investor Peter Thiel, a well-known name in Silicon Valley. The German-American billionaire is a co-founder of the payment service PayPal and is one of the first investors in Facebook. The American intelligence service CIA is also one of the early investors in Palantir.

Click here for the original article on Dutchitchannel.nl (in Dutch)