Palantir Stock Soars as "Unbridled Demand" for Artificial Intelligence (AI) Software Drives Strong Q2 and Annual Guidance Raise
Palantir Technologies (NYSE: PLTR) stock surged 12.2% in Monday's after-hours trading following the software-as-a-service (SaaS) company's release of its second-quarter 2024 results.
Investors' delight is attributable to the quarter's revenue and earnings both beating Wall Street's expectations, third-quarter revenue guidance also coming in ahead of the analyst consensus estimate, and management increasing its full-year 2024 outlook for revenue and a couple of other metrics.
Investors were also likely pleased that Palantir continues to grow its commercial business at a rapid pace. The company was originally focused on governmental agencies, so its heavy dependence on government spending made some investors uneasy.
Source Fool.com
