Palantir reported strong first-quarter earnings that exceeded Wall Street expectations, with revenue rising about 85% to $1.63 billion and adjusted earnings per share of 33 cents.

Net income nearly quadrupled from a year earlier, and the company also raised its full-year revenue and cash flow forecasts above analyst estimates.

CEO Alex Karp said the company’s results reflect exceptional growth, highlighting high revenue per employee and continued expansion in both government and commercial business.

U.S. government revenue surged 84%, driven by defense contracts and increased demand for AI-driven tools, CNBC has reported.

The company also issued upbeat guidance for the second quarter and 2026, signaling continued rapid growth ahead.