There was one bright spot in Monday's tech-inspired sell-off after Palantir Technologies Inc (NYSE:PLTR) raised its annual revenue and profit forecasts for the second time this year, driven by the rising demand for AI software services.
After hours, the stock bucked the general market trend, surging 12%.
Second-quarter turnover rose 23% to $371 million, beating the Street, which was expecting closer to $350 million. Per share earnings came in 1 cent ahead of forecast at 9 cents.
For the year, the data analytics group, co-founded by PayPal's Peter Thiel, is now forecasting annual revenue between $2.74 billion and $2.75 billion, up from $2.68 billion to $2.69 billion.
It also increased its adjusted income from operations forecast to $966 million-$974 million, from $868 million-$880 million.
The company's US commercial business grew 55% to $159 million in the second quarter, with adjusted earnings at 9 cents per share, beating the 8 cents per share estimate.