Palantir Technologies (NYSE: PLTR) stock was in raging form on the market Nov. 2 following the release of its third-quarter results -- and as it became clear that the company's growth is set to accelerate thanks to a new catalyst that has significantly expanded its revenue opportunity.

Shares of the company, which is known for providing software solutions and data analytics services to government agencies and commercial customers, shot up 19% in a single session. Let's see why that was the case and check if Palantir stock -- which has already gained a whopping 194% in 2023 -- can sustain this terrific momentum over the next year.

Palantir's Q3 revenue increased 17% year over year to $558 million. The company's adjusted earnings grew at a faster pace, up from $0.01 per share in the year-ago period to $0.07 per share last quarter. The numbers were slightly ahead of Wall Street's expectation of $0.06 per share in earnings on $556 million in revenue.

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Source Fool.com