Palantir Stock Surges on Earnings Beat Driven By AI Platform Demand

Palantir Technologies (PLTR) shares jumped successful extended trading Monday aft nan institution reported better-than-expected quarterly results and lifted its full-year guidance connected beardown request for its Artificial Intelligence Platform (AIP).

The institution reported second-quarter gross of $678.13 million, a 27% jump year-over-year and up of analysts' estimates compiled by Visible Alpha. Net income of $134 cardinal besides hit projections, pinch earnings per share reaching a grounds precocious of 6 cents.

Palantir CEO Alex Karp Says Results Reflect 'Unbridled Demand'

Palantir CEO Alex Karp said nan beardown results reflected nan "unbridled request for and knowing of nan capabilities of our software."

The company's commercialized gross grew 33% to $307 million, pinch U.S. commercialized income up 55% to $159 million.

"The maturation of our business has been re-accelerating steadily, and we spot an unprecedented opportunity up to seizure and build connected that momentum," Karp said.

The institution said it anticipates third-quarter gross of betwixt $697 cardinal and $701 million, up of analysts' projections, and lifted its full-year guidance to betwixt $2.74 cardinal and $2.75 billion, up from $2.68 cardinal to $2.69 cardinal previously.

Shares of Palantir were up astir 15% astatine $27.68 successful extended trading arsenic of 5:15 p.m. ET Monday pursuing nan company's net release.