Palantir Technologies has reported impressive third-quarter performance, resulting in a significant increase in its stock price.
The company's earnings per share of 10 cents exceeded expectations, as did its revenue of $726 million. This strong performance is attributed to a 30% year-over-year revenue growth, with net income rising to $143.5 million.
CEO Alex Karp emphasized the driving force behind this growth, citing an "unrelenting AI demand" from U.S. government customers.
However, the company faces challenges in its international operations, particularly in Europe.
Despite these challenges, Palantir's stock has seen a remarkable increase in 2024, outperforming the Nasdaq. The company's recent inclusion in the S&P 500 stock index further solidifies its position in the financial markets.