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Shares of Palantir Technologies Inc. (Nasdaq: PLTR) soared after the big data software solutions provider reported earnings and revenues that beat expectations driven by significant growth in both commercial and government sectors.
In the fourth quarter, Palantir reported revenue of $828 million representing a 36% increase compared to the same period last year. This figure exceeded analyst projections of $776 million.
Earnings per share (EPS) rose 14 cents, a 75% increase year-over-year and well above the consensus estimate of 11 cents.
Looking ahead, Palantir offered an optimistic forecast of 2025 revenues between $3.74 billion and $3.76 billion higher than analysts’ expectations of $3.52 billion. For the upcoming quarter, the company projects revenue between $858 million and $862 million, well above the estimated $799.4 million.
“Our business results continue to astound, demonstrating our deepening position at the center of the AI revolution,” said Alexander C. Karp, Co-Founder and Chief Executive Officer of Palantir Technologies Inc.
With the company’s focus on industrial-strength AI applications, government contracts continued to be a vital component of Palantir’s business.
Palantir stock leaped 22% after the close of market on Monday to trade at $102 a share eclipsing its all-time high of $85 a share. The stock was trading below $20 a share a year ago.
