Investors bought Palantir Technologies (NYSE: PLTR) stock hand over fist in 2024 thanks to the software specialist's growing credibility in the artificial intelligence (AI) space, which explains why its shares are up 53% so far this year as of this writing.

Though Palantir stock has seen some volatility of late thanks to the broader sell-off in tech stocks, its results for the second quarter of 2024 (which were released on Aug. 5) have helped it regain its spark.

Palantir not only delivered better-than-expected results, but it is forecasting a nice acceleration in its revenue growth and raised its full-year guidance. Its revenue increased 27% year-over-year in Q2 to $678 million, which was an improvement over the 21% year-over-year increase in revenue in Q1. The company's updated 2024 revenue guidance of $2.75 billion indicates that its top line could increase 23.5% this year.

Continue reading

Source Fool.com