The past year has been outstanding for Palantir Technologies (NYSE: PLTR) investors. Share prices of the company, which provides data-analysis-focused software platforms to governments and businesses, shot up a whopping 163%. Even better, the red-hot rally shows no signs of slowing. Palantir stock jumped 31% in a single session after the company released fourth-quarter 2023 results on Feb. 5.

Let's look at why investors are excited and then check out the catalysts that could send this high-flying tech stock higher over the next year.

Palantir's fourth-quarter revenue increased 20% year over year to $608 million, while non-GAAP earnings doubled to $0.08 per share. Analysts anticipated Palantir would report $0.08 per share in earnings on revenue of $603 million. It is also worth noting that the company ended the year with a generally accepted accounting principles (GAAP) profit of $210 million, making 2023 Palantir's first profitable year since it was founded in 2003.

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Source Fool.com