Shares in Palantir Technologies Inc. jumped more than 20% in late trading today after the big-data analytics company solidly topped analyst expectations in its fiscal 2024 fourth quarter and offered a stronger-than-expected forecast.

For the quarter that ended on Dec. 31, Palantir reported adjusted earnings per share of 14 cents, up from eight cents per share in the same quarter of last year, on revenue of $827.5 million, up 36% year-over-year. Analysts had been expecting 11 cents per share on revenue of $778.2 million.

Palantir’s strong numbers were driven by a 52% year-over-year and 12% quarter-over-quarter increase in revenue in the U.S., with U.S. commercial revenue up 64% year-over-year and government revenue up 45%. The company closed 129 details of at least $1 million in the quarter, 58 deals of at least $5 million and 32 deals of at least $10 million.

The impressive growth numbers continue, with Palantir closing a record-setting $803 million of U.S. commercial total contract value in the quarter, up 134% year-over-year and 170% quarter-over-quarter. U.S. commercial remaining deal value sat at $1.79 billion as of the end of the quarter, up 99% year-over-year and 47% quarter-over-quarter.

Business highlights in the quarter included Palantir signing a renewed enterprise contract with multinational mining company Rio Tinto Ltd., where Palantir’s Foundry and Artificial Intelligence Platform will optimize autonomous train operations, ensuring efficient routing and maintenance. Palantir also extended its Army Vantage partnership for up to four years, supporting the Army Data Platform Strategy and Joint Multi-Domain Operations to enhance military decision-making.

Further strengthening its presence in critical industries, Palantir deepened its collaboration with the academic medical center Cleveland Clinic, which will leverage AIP to improve hospital operations, reduce emergency response wait times and optimize bed capacity. The company also secured FedRAMP High Authorization, enabling its Federal Cloud Service to accelerate adoption in government markets by streamlining security compliance and reducing procurement costs.

For the full fiscal year, Palantir reported adjusted earnings per share of 41 cents, up from 25 cents per share the year prior, on revenue of $2.866 billion, up 29% year-over-year.

“Our business results continue to astound, demonstrating our deepening position at the center of the AI revolution,” co-founder and Chief Executive Alex Karp said in the company’s earnings release. “Our early insights surrounding the commoditization of large language models have evolved from theory to fact.”

For its fiscal 2025 first quarter, Palantir expects revenue of $858 million to $862 million, ahead of the $799.4 million expected by analysts, while for the full year, the company expects revenue of $3.741 billion to $3.757 billion, ahead of an expected $3.53 billion.

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