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Palantir Technologies Inc (NYSE: PLTR) jumped more than 20% in extended hours after turning in its first-ever quarterly profit.

Palantir stock up on future outlook

Shareholders are happy also because the data analytics company said it expects to remain profitable this year. In terms of revenue, though, it guided for $2.18 billion to $2.23 billion – slightly below $2.28 billion that analysts had anticipated.

Also on the positive was the company’s outlook for a better-than-expected 20% annualized growth in revenue in its current financial quarter.

Versus the start of the year, Palantir stock is up nearly 50% at writing.

Is there any further upside left in PLTR?

Other notable figures in the earnings report include an 11% year-on-year increase in commercial revenue and a 23% increase in government revenue.

The quarterly update arrives more than a month after Bank of America analyst Perez Mora reiterated her “buy” rating on Palantir stock and said:

First, the company is sitting on $2.4 billion of net cash. Second, Palantir is working with defense primes and services contractors to expand the use of its products. Palantir is only one out of three companies with IL6 certification.

She valued the company’s government business alone at $7.0 a share. Mora’s price target of $14 suggests about a 50% upside on top of the after-hours price action.

Notable figures in Palantir’s Q4 earnings report

• Earned $31 million that translates to a cent per share
• That compares to a $156 million loss last year
• Adjusted EPS printed at 4 cents as per the press release
• Revenue climbed 18% year-on-year to $509 million
• Consensus was 3 cents of EPS (adj) on $503 million revenue

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