Every three months, investors get an in-depth snapshot of how every publicly traded company's businesses are performing. Quarterly reports can often lead to big short-term stock price movements as well, although that's less important than the insight that those reports provide about the longer-term prospects for the company. With the third quarter having ended on Sept. 30, companies are now starting to get their numbers together and report their latest results.

One of the first companies off the mark in October was PepsiCo (PEP -0.83%). The beverage giant reported its third-quarter results Tuesday morning. Investors were generally pleased with what they saw, but for those who are more interested in what's happening in the artificial intelligence (AI) realm right now, the latest news from Palantir Technologies (PLTR 6.88%) might be of more interest. Here are all the details you need to know about both companies.

PepsiCo sees continued growth

Shares of PepsiCo were up about 2% early Tuesday morning. The company behind many popular brands of beverages and snack foods reported third-quarter financial results that showed its business holding up well even in the face of some adverse pressures.

PepsiCo saw revenue grow 6.7% year over year in the third quarter. Earnings per share came in at $2.24, up 15% from the year-ago period.

Looking more closely at the numbers, organic sales gains were strongest in Europe, Africa, the Middle East, and South Asia, although foreign currency fluctuations muted their impact on PepsiCo's dollar-denominated results. The North American beverage unit posted strong growth in operating profits, along with the company's Latin American division.

Investors were especially pleased that PepsiCo boosted its projections for the full 2023 year. The company now believes that earnings per share in constant currency terms will rise 13%, up from previous guidance for 12% growth. Moreover, for 2024, PepsiCo sees growth in organic sales and earnings per share to come in at the upper end of its long-term targets. Add to that expectations that the company will return a total of $7.7 billion to shareholders through dividends and stock buybacks, and it's easy to understand why so many investors like PepsiCo as an income-generating stock.

Palantir scores an AI contract

Shares of Palantir Technologies, however, got a slightly bigger pop early Tuesday, rising about 3%. The data integration and management platform specialist said that it had expanded a key partnership that should provide more momentum in Palantir's efforts to build out its artificial intelligence and machine learning capabilities.

Palantir announced that the U.S. Army has awarded it a new contract for up to three years. The contract supports the Army's armed services, special forces, combatant commands, and intelligence community in their joint efforts to test, utilize, and scale up their use of AI and machine learning capabilities. Payments under the contract could amount to up to $250 million.

The Army has a long-standing relationship with Palantir. With the need to coordinate information in order to work together effectively, the various armed services members, special operations forces, and command personnel have sought the data integration, management, and AI model training that Palantir has brought to the table.

Palantir has dramatically expanded its AI efforts recently, but it also faces heavy competition. Winning contracts like these is instrumental in demonstrating the effectiveness of its research and development work. Shareholders recognize that success and how important it is for Palantir's long-term prospects.