Palantir tops $1 billion in revenue for the first time, boosts guidance

Palantir topped Wall Street's estimates Monday, surpassing $1 billion in quarterly revenue for the first time, and hiking its full-year guidance. Shares rallied more than 5%. Here's how the company did versus LSEG estimates: Earnings per share: 16 cents adj. vs. 14 cents expected 16 cents adj. vs. 14 cents expected Revenue: $1.00 billion vs. $940 million expected The artificial intelligence software provider's revenues grew 48% during the period. Analysts hadn't expected the $1 billion revenue benchmark from the Denver-based company until the fourth quarter of this year. "The growth rate of our business has accelerated radically, after years of investment on our part and derision by some," wrote CEO Alex Karp in a letter to shareholders. "The skeptics are admittedly fewer now, having been defanged and bent into a kind of submission." The software analytics company also boosted its full-year outlook guidance. For the full year, Palantir now expects revenues to range between $4.142 billion and $4.150 billion, up from prior guidance of $3.89 billion to $3.90 billion.