Shares in Palantir Technologies Inc. surged more than 12% in extended trading after the big data analytics company crushed second-quarter expectations and raised its full-year guidance for the third consecutive quarter. The AI software company reported earnings that far exceeded Wall Street estimates, signaling strong demand for its software across both government and commercial sectors.
For the second quarter ending June 30, Palantir reported adjusted earnings per share of 41 cents, up from 16 cents. Overall revenue surged 93% year over year, fueled by a 149% climb in U.S. commercial sales.
The company subsequently raised its annual revenue and income forecasts, describing commercial demand as otherworldly. Palantir now expects full-year revenue to be between $8.15 billion and $8.16 billion, with U.S. commercial revenue growing at least 134% to $3.42 billion.