Shares in Palantir Technologies surged as much as 15 per cent in after-hours trading on Monday as Peter Thiel’s data analytics group reported record quarterly income and raised its revenue forecast, citing high demand for its artificial intelligence software.
Palantir shares have risen 140 per cent this year, adding about $60bn in market value. It means it now trades at more than 100 times future earnings, making it the most expensive software stock on the market.
The Denver-based company said on Monday that revenues for the third quarter climbed 30 per cent to $725.5mn, far higher than the $703.7mn predicted by analysts. Net income rose to a record $144mn.
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