Palantir Technologies Inc's (NYSE:PLTR) shares jumped 4.6% in after-hours US trading following the company’s report of its first-ever quarter exceeding $1 billion in revenue.
The software firm’s earnings and revenue both beat analyst expectations, with adjusted earnings per share of 16 cents and revenue at $1 billion.
CEO Alex Karp said Palantir aims to increase revenue while reducing headcount, describing the strategy as “a crazy, efficient revolution”.
The company raised its full-year revenue outlook to between $4.142 billion and $4.150 billion, up from a previous forecast of about $3.9 billion.
Third-quarter revenue is projected between $1.083 billion and $1.087 billion, also ahead of estimates.
Domestic revenues rose 68% year-on-year, and government contracts climbed 53% to $426 million. During the quarter, Palantir secured 66 deals valued at least $5 million each.
Net income more than doubled to $326.7 million.
After the closing bell, the stock was up $7.34 at $168, valuing the tech business at $379 billion.