Palantir Raises Revenue Forecast After Strong Q2

Palantir Technologies saw its stock surge over 12% in after-hours trading following the release of better-than-expected Q2 2024 earnings and an upward revision of its full-year revenue guidance. The company's revenue for the quarter increased by 27% year-over-year to $678.1 million, surpassing Wall Street estimates. Net income also exceeded projections, with Palantir reporting its highest-ever quarterly profit. The strong performance was driven by significant growth in both commercial and government sectors, particularly in the U.S. commercial business, which grew by 55%. Palantir raised its full-year revenue guidance to between $2.74 billion and $2.75 billion, reflecting the ongoing momentum and high demand for its AI platform. The company also forecasted third-quarter revenue to be above analysts' expectations, further boosting investor confidence.