Palantir Technologies, a major AI beneficiary in the U.S. stock market, stunned investors with its latest earnings report, sending shares soaring over 19% in after-hours trading.
On Monday, Palantir’s stock surged 19.33% to $99.93 in after-hours trading, hitting an all-time high. The stock had already risen 1.52% in regular trading, fueled by strong earnings expectations.
In its post-market earnings release, Palantir reported quarterly revenue of $828 million, far exceeding market projections of $776 million.
The company posted earnings per share of 14 cents, beating analysts’ estimates of 11 cents.
Palantir also provided an optimistic outlook, forecasting $850 million in revenue for the current quarter, well above the market consensus of $799 million.
This stronger-than-expected performance drove the stock’s dramatic 19% surge.
Initially focused on government contracts, particularly with military and intelligence agencies, Palantir has expanded its AI-driven data analytics business.
Amid Wall Street’s AI boom, the company has seen a surge in private-sector demand, propelling its revenue and stock price to new highs.
Over the past year, Palantir’s stock has skyrocketed 392%, reflecting growing market enthusiasm for AI technologies.