Palantir lifts annual forecast after reporting blowout Q3 earnings; shares jump

Investing.com -- Palantir Technologies on Monday raised its full-year guidance after reporting blowout third-quarter earnings as the data analytics company continues to ride the AI wave, racking up new business wins.

Palantir Technologies Inc (NYSE:PLTR ) jumped more than 13% in afterhours trading following the news.

For the three months ended Sept. 30, Palantir reported Q3 adjusted earnings of $0.10 a share on revenue of $725.5 million. That compared with analysts estimates for adjusted EPS of $0.09 on revenue of $703.4M.

Customer count grew 39% year-over-year, driven by increased AI demand.

"We absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down," the company said.

For 2024, the company is now guiding revenue in the range of $2.805B to $2.809B, up from a range of $2.742B and $2.750B previously.

For Q4, the company guided revenue between $767M to $771M, compared with analyst estimates for $742.3M. 

Source: Investing.com