Palantir Technologies Inc (NYSE:PLTR) on Monday beat Wall Street estimates for first-quarter revenue and raised its full-year forecast, driven by surging demand for its artificial intelligence software in the US commercial market.
Revenue rose 39% from a year earlier to $884 million in the quarter ended March 31, topping analysts' average estimate of $862.8 million, according to LSEG data. Adjusted earnings per share came in at $0.13, in line with expectations.
US revenue surged 55% to $628 million, with commercial revenue in the region jumping 71% year over year to $255 million. The company closed 139 deals worth at least $1 million during the quarter, including 31 valued at $10 million or more.
“We are in the middle of a tectonic shift in adoption, especially in the U.S. where revenue soared 55% year over year,” CEO Alexander Karp said in a statement. “We’re delivering the operating system for the modern enterprise in the AI era.”
Palantir now expects full-year revenue between $3.89 billion and $3.9 billion, up from its previous guidance and well above analysts’ estimate of $3.75 billion. It also forecast US commercial revenue growth of more than 68% for the year.
For the second quarter, the company sees revenue between $934 million and $938 million, above consensus estimates.
Shares of Palantir swung wildly aftermarket Monday, losing as much as 5.7% following the release of the earnings report.