Palantir (PLTR.US) shares hit a new high after Q3 revenue beat expectations

Palantir (PLTR.US) shares hit a record high on Tuesday, up more than 21% to $50.5 at the time of writing. The company's third-quarter revenue topped analysts' expectations and raised its current-quarter revenue forecast, citing high demand for its artificial intelligence software in the U.S. Palantir's third-quarter revenue was US$726 million, up 30% YoY, topping market expectations; net profit was US$144 million, a record high; and non-GAAP EPS was US$0.10, topping market expectations.

Palantir raised its full-year revenue forecast to US$2.805 billion-US$2.809 billion, and it also reported a significant increase in a closely watched metric: revenue from its U.S. commercial business, which is a key driver of sales growth. Palantir expects its U.S. commercial revenue to grow more than 50% this year to over US$687 million; it expects full-year adjusted operating profit to be US$1.054 billion-US$1.058 billion. In addition, the company expects fourth-quarter revenue to be US$767 million-US$771 million, topping analysts' expectations of US$746.5 million.