DENVER, Aug. 3. Palantir Technologies reported second quarter results that beat Wall Street expectations after the closing bell on Monday, and the company raised its full-year forecast, according to CNBC. Shares climbed nearly 10 percent in after hours trading, moving toward $140, per Yahoo Finance. Revenue came in at $1.94 billion, ahead of analyst estimates near $1.8 billion, according to Yahoo Finance. On an adjusted basis, the company posted earnings of $0.41 per share, topping Wall Street forecasts, per CNBC. Total revenue grew 93 percent from a year earlier, Chief Executive Alex Karp said, per Yahoo Finance. The report added to a run of strong technology earnings that has helped push the broader market to records.
The standout number was in the company's U.S. commercial business, which sells data and software tools to private companies. That unit's revenue rose 149 percent from a year ago to $764 million, according to CNBC. Palantir now expects U.S. commercial revenue above $3.42 billion for 2026, up from prior guidance of $3.22 billion, per CNBC. Demand for artificial intelligence tools has driven much of that growth, as companies move to put AI systems into daily operations. The firm said its remaining U.S. commercial deal value more than doubled from a year ago to $6.24 billion, per CNBC. That figure points to a large backlog of committed business.
Palantir's government work also grew. U.S. government revenue rose 90 percent from a year earlier and 18 percent from the prior quarter, according to Yahoo Finance. The company has long supplied software to defense and intelligence agencies, and that base has expanded alongside its commercial push. The mix of government and commercial demand has helped the firm post a string of quarterly beats, per reporting ahead of the release. Management framed the quarter as evidence that its platform is being adopted across sectors. The results landed after a webcast scheduled for 5:00 p.m. Eastern time, per CNBC.
Deal activity underscored the pace of growth. Palantir closed 220 deals worth at least $1 million during the quarter, including 98 valued at $5 million or more and 73 worth at least $10 million, according to Yahoo Finance. Total contract value rose 49 percent from a year ago to $3.37 billion, per CNBC. The company lifted its full-year revenue outlook to about $8.16 billion, up from a prior range near $7.65 billion, per Yahoo Finance. That raised forecast was a key focus for investors, since the stock had climbed steeply into the report. Analysts had warned before the release that a beat alone might not lift the shares without a stronger outlook, per Yahoo Finance.
The reaction extended a strong day for technology stocks, which had led the major indexes higher during regular trading, per Yahoo Finance. Palantir has been one of the most closely watched names tied to the AI trade, and its results are often read as a signal of corporate demand for AI software. A sharp move in the shares can influence sentiment toward the wider technology sector. The company's rapid growth has come with a high stock valuation, which has drawn debate among analysts about how much future growth is already priced in. Monday's numbers gave supporters fresh evidence of momentum. The after hours jump reflected that the raised guidance cleared the bar investors had set.
What to Watch. Palantir's management call and any detail on 2026 spending and margins will shape how analysts revise their models. Investors will watch whether the after hours gain holds when regular trading resumes. The results set a marker for other AI linked companies reporting later this week, per CNBC. Continued strength in U.S. commercial demand will test whether the growth rate can hold. Any commentary on government contracts will draw attention given the size of that business.
Sources: CNBC, Yahoo Finance, FX Leaders.