Shares of Palantir (PLTR) are up 8% after the software and data analytics company issued second-quarter financial results that beat Wall Street forecasts.
Palantir posted earnings per share of $0.09 U.S., which was ahead of the consensus expectation of $0.08 U.S. among analysts who track the company’s progress.
Revenue in the April through June quarter totaled $678 million U.S., which beat Wall Street’s estimate $653 million U.S., according to data from FactSet.
Additionally, Palantir reported that its customer count in the U.S. commercial market grew to 295 in the second quarter, up 83% from a year earlier as the company lessens its reliance on government contracts.
The strong results were attributed to strengthening demand for the company’s artificial intelligence (AI) software products.
In terms of guidance, Palantir said that it expects revenue of $697 million U.S. to $701 million U.S. in the current third quarter.
The Q3 revenue guidance topped the consensus expectation of $681 million U.S. on Wall Street.
Prior to today (Aug. 6), the stock of Palantir had risen 34% over the last 12 months to trade at $24.09 U.S. per share.
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