Palantir Technologies saw its stock jump significantly in after-hours trading on Monday, following the company’s impressive quarterly earnings report and an upward revision of its full-year forecast. The surge was fueled by robust demand for its Artificial Intelligence Platform (AIP).
In its second-quarter report, Palantir posted revenue of $678.13 million, marking a 27% increase from the previous year and surpassing analysts’ expectations. Net income also exceeded projections, reaching $134 million, with earnings per share hitting a record high of 6 cents.
CEO Alex Karp attributed the stellar performance to “unbridled demand” and a deep understanding of the company’s software capabilities. He noted that commercial revenue saw a 33% increase to $307 million, with U.S. commercial sales up 55% to $159 million.
Karp highlighted that the company’s growth has been accelerating and expressed confidence in leveraging this momentum moving forward. Palantir anticipates third-quarter revenue to fall between $697 million and $701 million, which is higher than analysts’ forecasts. Additionally, the company raised its full-year revenue guidance to between $2.74 billion and $2.75 billion, an increase from the previous range of $2.68 billion to $2.69 billion.
Following the earnings announcement, Palantir’s shares surged nearly 15%, reaching $27.68 in extended trading as of 5:15 p.m. ET.
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