After reporting fourth-quarter earnings that exceeded analysts’ revenue expectations, Palantir shares saw a remarkable surge of over 19% in after-hours trading on Monday.

The full-year guidance for 2024 closely aligned with Wall Street’s estimates. Notably, fourth-quarter revenue experienced a 20% increase, reaching $608.4 million compared to $508.6 million the previous year.

Palantir reported a net income of $93.4 million, or 4 cents per share, contrasting with $30.9 million, or 1 cent per share, in the corresponding quarter of the prior year, CNBC reported.

In a shareholder letter, Palantir CEO Alex Karp emphasized that the company’s expansion and growth are currently at unprecedented levels, particularly with the persistent demand for large language models in the U.S. Karp highlighted Palantir’s deployment of the Artificial Intelligence Platform (AIP), revealing that the company conducted nearly 600 pilots with this technology in 2023, a substantial increase from fewer than 100 in 2022.

Written by B.C. Begley