Palantir Stock Surges on Earnings Beat Driven By AI Platform Demand

Palantir Technologies (PLTR) shares jumped in extended trading Monday after the company reported better-than-expected quarterly results and lifted its full-year guidance on strong demand for its Artificial Intelligence Platform (AIP).

The company reported second-quarter revenue of $678.13 million, a 27% jump year-over-year and ahead of analysts’ estimates compiled by Visible Alpha. Net income of $134 million also beat projections, with earnings per share reaching a record high of 6 cents.

Palantir CEO Alex Karp Says Results Reflect ‘Unbridled Demand’

Palantir CEO Alex Karp said the strong results reflected the “unbridled demand for and understanding of the capabilities of our software.”

The company’s commercial revenue grew 33% to $307 million, with U.S. commercial sales up 55% to $159 million.

“The growth of our business has been re-accelerating steadily, and we see an unprecedented opportunity ahead to capture and build on that momentum,” Karp said.

The company said it anticipates third-quarter revenue of between $697 million and $701 million, ahead of analysts’ projections, and lifted its full-year guidance to between $2.74 billion and $2.75 billion, up from $2.68 billion to $2.69 billion previously.

Shares of Palantir were up nearly 15% at $27.68 in extended trading as of 5:15 p.m. ET Monday following the company’s earnings release.