Palantir stock rises as earnings beat expectations

Palantir Technologies (PLTR) delivered third-quarter profit well above analyst expectations, driving shares higher in extended trading on Monday.

The analytics software provider reported revenue of $725.52 million, up 30% from a year ago and above expectations of analysts surveyed by Visible Alpha. Net income was $143.53 million, or 6 cents per share, compared with $71.51 million, or 3 cents per share, a year ago, beating forecasts.

Palantir shares rose over 11% in extended trading following the release. They were up 141% for the year through Monday's close.

According to Palantir CEO, the good results are due to the “relentless demand for AI.”

The company's U.S. commercial sales rose 54% to $179 million. Alexander Karp, CEO of Palantir, said the good results were “due to continued demand for AI.”

The company expects fourth-quarter revenue of $767 million to $771 million and has raised its full-year forecast to revenue between $2.805 billion and $2.809 billion, up from $2.742 billion to $2.75 billion.