Shares in Palantir Technologies Inc. surged over 17% in late trading today after the big-data analytics company beat revenue expectations in its most recent quarter and revised its outlook for fiscal year 2024.

For the quarter that ended Dec.31, Palantir reported adjusted earnings per share of eight cents, up from four cents per share in the same quarter of last year, on revenue of $608.35 million, up 20% year-over-year. Adjusted earnings aligned with analyst expectations, while revenue was a beat as the figure expected was $602.86 million.

Adjusted income from operations in the quarter came in at $209.355 million and cash flow from operations was $301.2 million. Palantir saw strong growth in the U.S. in the quarter, with U.S. commercial revenue up 70% year-over-year to $131 million, driven by U.S. commercial customers growing 55% year-over-year to 221 customers.

Commercial revenue growth was up 32% year-over-year to $284 million and government revenue grew 11% to $324 million. Palantir’s overall customer count grew 35% year-over-year.

For its full fiscal year 2023, the company reported adjusted earnings per share of 25 cents on revenue of $2.225 billion, up 17% year-over-year.

In a letter to shareholders, Palantir Chief Executive Officer Alex Karp said that the company’s expansion and growth had “never been greater” and that “after nearly two decades of investment, we have positioned ourselves as a fundamentally new software business and our results reflect this ongoing transformation.”

Karp attributed Palantir’s stellar growth to artificial intelligence, saying that “the demand for large language models from commercial institutions in the United States continues to be unrelenting.

“Every part of our organization is focused on the rollout of our Artificial Intelligence Platform (AIP), which has gone from a prototype to a product in months,” Karp added. “And our momentum with AIP is now significantly contributing to new revenue and new customers.”

For its fiscal first quarter, Palantir expects revenue of $612 million to $616 million and adjusted income from operations of $196 million to $200 million. For the full year, the company expects revenue of revenue of $2.652 billion to $2.668 billion.

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