Palantir Stock Skyrockets as AI Platforms Fuel Q4 Sales GrowthKey Price Levels to Watch [Video]

Palantir Technologies (PLTR) shares jumped in premarket trading Tuesday after the big data analytics software maker topped Wall Street’s sales forecast amid ongoing demand for its artificial intelligence (AI) platforms.

The company posted fourth quarter revenue of $608.4 million, up 20% from the year-ago quarter and ahead of the $602.4 million figure analysts had expected. Meanwhile, adjusted earnings for the period came in at 8 cents per share, in-line with the consensus forecast. The results were bolstered by the company’s U.S. commercial division, which grew its customer count by 55% from last year’s corresponding quarter.

Palantir CEO Alex Karp said in a letter to shareholders late Monday that the company’s expansion and growth has never been greater, especially with “unrelenting” demand in the U.S. market for large languageAI models. Karp added that the company’s AI technology pilots had increased more than sixfold over the past year. “Our results reflect both the …