Palantir Technologies (PLTR) stock initially surged afterhours on Monday after the AI firm overcame Wall Street's average forecast by a slim margin for the third quarter. The stock partially recovered the 3.1% drop seen in the regular session on Monday.
Palantir posted adjusted earnings per share (EPS) of $0.44 on revenue of $2.31 billion. Those figures beat the Wall Street consensus by $0.03 per share and $130 million, which might have been to close for comfort for some shareholders.
Withstanding the expectations, however, the results were impressive. Revenue rose 96% YoY with US commercial revenue surpassing US government revenue for the first time ever.
US commercial revenue jumped 148% YoY to $984 million, while US government revenue grew 96% YoY to $953 million.
The company has been on a tear in the third quarter, closing "212 deals of at least $1 million, 107 deals of at least $5 million, and 64 deals of at least $10 million."
For the fourth quarter, Palantir expects to post revenue of $2.65 billion, above the prior consensus of $2.46 billion. Of that figure, the guided for adjusted income from operations at or above $1.64 billion.
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