Palantir shares surge after profits beat on demand for AI platform

Palantir Technologies (PLTR) shares rose in the trading session on Monday after the company reported better-than-expected quarterly results and raised its full-year outlook due to strong demand for its artificial intelligence platform (AIP).

The company said second-quarter revenue was $678.13 million, up 27% year over year and beating analyst estimates compiled by Visible Alpha. Net income of $134 million also beat estimates, while earnings per share hit a record 6 cents.

Palantir CEO Alex Karp says results reflect ‘unbridled demand’

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

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

“Our business growth continues to accelerate, and we see an unprecedented opportunity to capitalize on that momentum,” Karp said.

The company said it expected third-quarter revenue of $697 million to $701 million, beating analysts’ forecasts. It also raised its full-year forecast to $2.74 billion to $2.75 billion, from $2.68 billion to $2.69 billion previously.

Palantir shares rose nearly 15% to $27.68 in the evening session at 5:15 p.m. ET on Monday after the company reported financial results.