Palantir Shares Surge 28% After Q1 Earnings Beat Estimates

Shares of Palantir ($PLTR@US) rose by up to 28 percent in extended trading on Monday after the company reported first-quarter earnings that beat analysts' estimates and predicted it would be profitable throughout the year. The software company's CEO, Alex Karp, said that demand for its new AI platform is "without precedent" and that the company's software is designed to involve human oversight to mitigate the real risks of AI. Palantir's revenue rose 18 percent year-over-year, and its US commercial revenue grew 26 percent. The company reported positive net income on a GAAP basis for the second consecutive quarter, at $17 million. Palantir expects to report $528 million to $532 million in revenue in the second quarter and $2.19 billion to $2.24 billion for the year.