Palantir Stock Pops as Earnings Blow Past Expectations

Palantir Technologies (PLTR) delivered third-quarter earnings that came in well ahead of analysts’ expectations, sending shares higher in extended trading Monday.

The analytics software provider reported revenue of $725.52 million, up 30% year-over-year and above expectations from analysts polled by Visible Alpha. Net income at $143.53 million or 6 cents per share compared to $71.51 million or 3 cents per share a year earlier, beating projections.

Shares of Palantir jumped over 11% in extended trading following the release. They were up 141% for the year through Monday’s close.

Palantir CEO Says Strong Results Were Driven by ‘Unrelenting AI Demand’

The company’s U.S. commercial revenue grew 54% to $179 million. Palantir CEO Alexander Karp said the strong results were “driven by unrelenting AI demand.”

The company said it anticipates fourth-quarter revenue of $767 million to $771 million, and raised its full-year forecast to revenue of between $2.805 billion and $2.809 billion, up from $2.742 billion to $2.75 billion previously.