Shares of data analytics firm Palantir (PLTR) are up 18% after the company reported first-quarter earnings that beat Wall Street forecasts and issued bullish forward guidance.
Palantir reported earnings per share (EPS) of $0.05 U.S. versus $0.04 U.S. that was expected by analysts, according to Refinitiv data.
Revenue in Q1 came in at $525 million U.S. compared to $506 million U.S. that had been forecast on Wall Street.
Palantir’s total revenue for the quarter ended March 31 rose 18% from a year earlier, while its U.S. commercial revenue increased 26%.
The company reported its second consecutive quarter of positive net income at $17 million U.S. and said that it expects to remain profitable through the end of this year.
Specifically, Palantir said that it anticipates earnings between $2.19 billion U.S. and $2.24 billion U.S. for full-year 2023.
Palantir’s stock has gained 4% in the last 12 months to trade at $7.74 U.S. per share.
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