Palantir Technologies Surges More Than 10% in After-Hours Trading on Blowout Earnings

[Financial News]  

Shares of the artificial intelligence platform company Palantir Technologies jumped 10% in after-hours trading on the 3rd local time. Stronger-than-expected quarterly results drove the rally.
Palantir Technologies, which closed regular trading up $2.59, or 2.10%, at $125.65, surged more than 10% after hours on the back of its surprise earnings report. The stock climbed another $13.40, or 10.66%, to $139.05 in after-hours trading.
Both its government procurement and private commercial businesses posted sharp growth of roughly 2 times.
Palantir Technologies said second-quarter revenue came in at $1.94 billion, with adjusted earnings per share (EPS) of $0.41.
According to CNBC, that easily beat market expectations of $1.8 billion in revenue and EPS of $0.35.
Revenue surged 93% from a year earlier, while net income more than tripled from $329 million to $1.07 billion.
Government revenue jumped 90% year over year to $809 million, while commercial revenue soared 149% to $764 million.
Commercial revenue has increased 380% so far since 2024.
Palantir Technologies also raised its full-year outlook for commercial revenue, saying it now expects more than $3.42 billion, up from its earlier forecast of $3.22 billion.
The company said its remaining contract backlog, for deals already signed but not yet delivered, reached $6.24 billion, more than double the level from a year earlier.
Chief Executive Officer (CEO) Alex Karp told CNBC, "Forget the consensus," and added, "As far as I know, no company of our size has ever posted growth at even half this pace."
Palantir Technologies also raised its full-year total revenue forecast to between $8.15 billion and $8.16 billion, up from its previous estimate of $7.65 billion to $7.66 billion.


[email protected] Song Kyung-jae Reporter